Dangote Refinery IPO: ‘Drivers, Cooks, Everybody’ Will Be Able To Own Shares, Says Aliko Dangote

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, says the upcoming Initial Public Offering (IPO) of the Dangote Petroleum Refinery will allow millions of Nigerians to become shareholders in the company.

He made the announcement on Monday during the refinery’s IPO signing ceremony held in Lagos.

“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.

The public offer will consist of 4.1 billion ordinary shares priced at ₦525 each, with subscriptions scheduled to open on September 14 and close on October 9, 2026.

Interested investors will be required to purchase a minimum of 100 shares, valued at ₦52,500, with additional subscriptions allowed in multiples of 50 shares.

The event attracted leading figures in the financial sector, including Zenith Bank Chairman Jim Ovia and Heirs Holdings Chairman Tony Elumelu.

Dangote said the IPO represents the refinery’s first public share sale since the facility was commissioned in 2023 after almost a decade of construction and an investment estimated at $20 billion.

The refinery, located in the Lekki Free Zone, Lagos, currently has a capacity of 650,000 barrels of crude oil per day, making it the largest single-train refinery in Africa.

According to the company, the Securities and Exchange Commission (SEC) has approved the public offer, while the funds raised will be used to expand production capacity to 1.4 million barrels per day.

The company also disclosed plans to pay dividends in US dollars, backed by foreign exchange earnings from refined petroleum and petrochemical exports.

At the offer price, the refinery is valued at about $47 billion, with analysts projecting that its listing could significantly increase the market capitalisation of the Nigerian Exchange.

The public offering is expected to broaden local participation in one of Africa’s biggest industrial projects while supporting the refinery’s long-term expansion strategy.