Aliko Dangote has outlined the terms of Dangote Refinery’s planned N2.15 trillion ($1.6 billion) initial public offering, which is scheduled to open on September 14, 2026.
Quick facts
- Offer size: 4.1 billion ordinary shares
- Price: N525 per share
- Minimum application: 10 shares, costing N5,250
- Target audience: 10 million Nigerian investors
- Refinery capacity: 700,000 barrels per day
The 700,000-barrel-a-day facility held its IPO signing ceremony in Lagos on Monday, drawing senior figures from Nigeria’s corporate and financial sectors.
Dangote, who chairs Dangote Group, said investors would need to apply for at least 10 ordinary shares. At the offer price, the minimum subscription is worth N5,250.
The proposed sale covers 4.1 billion ordinary shares, each carrying a nominal value of $0.000013, and priced at N525. Dangote said the transaction is designed to attract as many as 10 million Nigerian investors.
He added that the refinery has built a technology-based application system linked to Nigeria’s Bank Verification Number, or BVN, framework. The structure could help make the offering the biggest equity transaction in the history of the country’s capital market.
Dangote described the offer as a major step toward widening access to investment and increasing retail participation in Nigeria. He said the use of digital financial infrastructure and BVN checks would allow both new and established investors across the country to acquire shares.
The offering, he said, would give Nigerians the chance to take an ownership stake in a large-scale refinery reshaping Africa’s energy sector. Digital application channels and BVN integration are intended to simplify the process and enable millions of people to participate in the expansion of what he called a strategically important national asset.
The refinery is offering the same 4.1 billion shares, with a nominal value of $0.000013 each, at N525 per share.
Among those present at the Lagos signing were Jim Ovia, chairman of Zenith Bank, and Tony Elumelu, chairman of Heirs Holdings.
