Dangote Petroleum Refinery and Petrochemicals FZE has launched a ₦2.1525 trillion ($1.4 billion) initial public offering, offering 4.1 billion ordinary shares at ₦525 each ahead of a planned listing on the Main Board of the Nigerian Exchange.
The subscription window opens on September 14 and closes on October 13. Investors can apply for as few as 10 shares, while eligible retail investors who keep their holdings for the required period could receive up to two additional shares at no cost, subject to the terms of the offer.
Aliko Dangote said the pricing and structure aim to allow workers and other individual investors to participate in the company. “What we are trying to do is to make sure majority of all these- our drivers, our cooks, our servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” he told attendees at the launch ceremony in Lagos.
Dangote described the listing as “the IPO for the people” and said the company wants investors to receive dividends that could contribute to household expenses. “I’m waiting for that cheque of my dividend to send for the school fees of my daughter,” he said.
The listing follows more than a decade of work on the project. Dangote said the development began “a little bit over 10 years ago” with a loan agreement secured before the project had acquired land or an operating licence. He said the company then spent “three years, eight months” pursuing a site at Olokola before securing land in the Lekki Free Trade Zone.
Dangote also recalled an early dispute with the local community during the search for a site, during which an employee identified as Mr. Dissu died. He credited former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as Governor Babajide Sanwo-Olu, with helping resolve the land dispute.
The company has described the facility as a 700,000-barrel-per-day refinery and the largest single-train refinery in the world. Dangote said the project remains on course to become the world’s largest refinery by 2028.
He also tied the company’s future plans to energy security and expansion across Africa. “We cannot industrialize if we do not have energy security,” Dangote said, pointing to planned activities in Ethiopia, Kenya, Tanzania and Namibia and saying the group wanted to “take this gospel to other parts of the continent.”
The offer has received a Shari’ah-compliant designation under the transaction documents. The deal is being coordinated by Vetiva alongside issuing houses, brokers, solicitors, auditors, reporting accountants, registrars and receiving banks.
Nigerian Exchange chairman Umaru Kwairanga, chief executive Temi Popoola and Securities and Exchange Commission director-general Emomotimi Agama attended the ceremony. Dangote praised Agama as “a regulator that truly understands the market and its dynamics.”
