Billionaire industrialist Aliko Dangote has signed the official documents for the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, describing the share sale as an opportunity for ordinary Nigerians, including drivers, cooks and other workers, to become part-owners of the massive refinery.
Speaking at the signing ceremony in Lagos on Monday, Dangote said the offering was designed to extend ownership beyond wealthy investors and give ordinary workers and small savers an opportunity to participate.
“This is an opportunity for our drivers, cooks, managers and others to have a stake in the Dangote refinery,” Dangote said.
He described the transaction as an “IPO for the people”, stressing that the objective was to make ownership accessible to as many Nigerians as possible.
The proposed IPO involves 4.1 billion ordinary shares priced at ₦525 each, with the company targeting proceeds of about ₦2.15 trillion, equivalent to roughly $1.6 billion.
Nigeria’s Securities and Exchange Commission has approved the offer, while subscriptions are expected to open on September 14, 2026, ahead of the proposed listing of the shares on the Nigerian Exchange.
At the offer price, the transaction represents one of the most significant proposed equity offerings in Nigeria’s capital-market history and could make the refinery one of the largest companies ever to join the Nigerian Exchange.
Reports on the offer indicate that the minimum subscription has been set at a level intended to allow smaller investors to participate, with some reports putting the minimum at 10 shares, costing ₦5,250.
The planned listing comes as Dangote seeks to deepen public ownership of the refinery while raising capital for the next phase of development of the vast Lekki-based petroleum and petrochemical complex.
Dangote also said the refinery and petrochemical complex could become the world’s largest by 2028, although that remains a company target dependent on the completion of planned expansion, financing and prevailing market conditions.
The refinery currently has a 650,000-barrel-per-day nameplate capacity, making it the world’s largest single-train refinery. Dangote Group has also said the facility has demonstrated processing capacity of up to about 700,000 barrels per day.
The company plans to add another processing unit that would eventually take the complex’s total capacity to approximately 1.4 million barrels per day. If completed as planned, the expansion would significantly increase the refinery’s position among the world’s largest refining facilities.
The approximately $20 billion Lekki project, inaugurated in 2023, has become a major part of Nigeria’s efforts to increase domestic refining capacity, reduce dependence on imported petroleum products and expand exports of refined fuel and petrochemical products.
The refinery produces products including petrol, diesel and aviation fuel, while its integrated petrochemical operations are intended to serve both domestic and international markets.
Dangote said the IPO was not simply about raising money for expansion but also about allowing Nigerians and workers connected to the project to participate in its ownership.
The planned offering would add another major Dangote company to the Nigerian capital market. Dangote Cement, NASCON Allied Industries and Dangote Sugar Refinery are already listed on the Nigerian Exchange.
If completed successfully, the refinery IPO would become the group’s most prominent public offering and could significantly increase the size and depth of Nigeria’s equities market.
For ordinary Nigerians, however, the most striking aspect of the announcement is Dangote’s stated ambition to make ownership of the refinery accessible beyond institutional and wealthy investors.
The message from the billionaire businessman is that the refinery, which has become one of Africa’s most ambitious industrial projects, should not remain solely the preserve of its promoters and major investors.
Instead, drivers, cooks, managers, employees and other small investors could have an opportunity to buy shares and participate in the future value of the business through the Nigerian capital market.
The success of the IPO will ultimately depend on investor demand, regulatory processes, market conditions and the company’s ability to deliver on its expansion plans.
But with a proposed ₦2.15 trillion share sale, the Dangote refinery is already positioned to become one of the biggest corporate stories in Nigeria’s capital market this year.
