Dangote Refinery Targets 10 Million Retail Investors Ahead of ₦2.15tn IPO

Dangote Refinery Targets 10 Million Retail Investors Ahead of ₦2.15tn IPO

Dangote Petroleum Refinery and Petrochemicals is targeting up to 10 million retail investors as it prepares for a proposed initial public offering that could raise about ₦2.15 trillion.

The company plans to offer 4.1 billion ordinary shares at ₦525 per share. The minimum subscription is 10 shares, putting the entry amount at ₦5,250. The offer is scheduled to open on September 14 and close on October 13, subject to regulatory approvals.

The proposed share sale would represent one of the largest equity offerings in Nigeria and is expected to significantly increase retail participation in the domestic capital market.

Transaction advisers said the 10 million-investor target would be substantially higher than previous retail participation levels recorded in Nigeria's capital market. The company is positioning the offer to make participation accessible through banks, stockbrokers, fintech platforms and other approved channels.

Proceeds from the offering are expected to support the refinery's expansion plans. Dangote is looking to increase the facility's capacity from its current 700,000 barrels per day to 1.4 million barrels per day by 2029.

The planned IPO comes as the refinery continues to increase its role in Nigeria's fuel supply. The company reported a $1.82 billion profit for the first half of 2026, compared with a $476 million loss recorded in the corresponding period last year.

If completed, the listing would give investors an opportunity to hold shares in the refinery through the Nigerian Exchange, while providing the company with additional capital for its expansion programme.

Investors considering the offer will need to assess the company's financial performance, valuation, business outlook and the risks associated with the energy market before deciding whether to subscribe.

The proposed offer is expected to attract significant attention from both retail and institutional investors as the September 14 opening date approaches.