Dangote Says Drivers, Cooks And Ordinary Nigerians Can Own Shares In Refinery As IPO Opens September 14 | Details

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, says the upcoming Initial Public Offering (IPO) of the Dangote Petroleum Refinery is designed to give ordinary Nigerians an opportunity to own a stake in the multi-billion-dollar facility.

Dangote made the remarks on Monday during the signing ceremony for the refinery's IPO in Lagos.

Dangote said the company wants ownership of the refinery to extend beyond wealthy investors and institutions to people from different walks of life.

"What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery," Dangote said.

Dafy World reports that the historic public offer is expected to open the ownership of one of Africa's biggest industrial projects to retail and institutional investors.

Channels Television reports that the refinery plans to offer 4.1 billion ordinary shares at ₦525 per share, with the offer expected to raise more than ₦2 trillion if fully subscribed.

The IPO signing ceremony was attended by prominent figures in Nigeria's financial sector, including Chairman of Zenith Bank, Jim Ovia, and Chairman of Heirs Holdings, Tony Elumelu.

The Securities and Exchange Commission (SEC) has approved the launch of the public offer, reports say.

Reuters reported that the planned share sale could raise about $1.6 billion, making it one of the biggest capital market transactions in Nigeria and potentially the largest IPO ever undertaken in Africa.

At the offer price of ₦525 per share, reports estimate the refinery's valuation at roughly $47 billion to nearly $50 billion.

The platform also gathered that Dangote Refinery has announced plans to invest about $14.3 billion in an expansion programme that could increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.

The expansion would significantly increase the refinery's position in the global energy industry and could make it one of the world's largest operating refining facilities.

The Dangote Refinery, located in the Lekki Free Zone in Lagos, was commissioned in 2023 after nearly a decade of construction and an estimated investment of about $20 billion.

Channels TV reports, added that the facility has a nameplate capacity of 650,000 barrels per day, although recent reports indicate that it has tested or reached operational processing levels of about 700,000 barrels per day.

Though there have been some differences in reports regarding the final retail subscription details.

While some reports published on Monday stated that investors could subscribe for a minimum of 100 shares valued at ₦52,500, another report quoting Dangote at the signing ceremony said the minimum subscription would be 10 shares, valued at ₦5,250.

Reports says the IPO is expected to open on September 14, 2026, and close on October 13, 2026.

Dafy World understands that prospective investors should rely on the final official offer documents and announcements from Dangote Petroleum Refinery and relevant capital market regulators for the confirmed subscription requirements and closing date.

For Dangote, the IPO is not only about raising funds for the refinery's expansion.

During the event, he stated that the goal is also to allow more Nigerians, including junior employees and ordinary citizens, to participate in the ownership of the refinery.

The upcoming offer will be closely watched by investors, analysts and players in Nigeria's capital market as it could significantly boost the size and value of the Nigerian Exchange.