- Nigerians To Buy Shares Using BVN, Available On Banking, Fintech Apps
- Sets Minimum Purchase At N5,250, Targets World Largest Refinery Status By 2028
The Dangote Petroleum Refinery and Petrochemicals (DPRP) has unveiled plans for a landmark Initial Public Offering (IPO) valued at approximately ₦2.15 trillion (US$1.6 billion), with a targeted participation of up to 10 million Nigerian investors through a secure and technology-driven subscription process integrated with the nation’s Bank Verification Number (BVN) system.
The offer, scheduled to open on September 14, 2026, is expected to be one of the largest equity offerings in Nigeria’s capital market history. To accommodate strong investor interest, the transaction includes an overallotment option of up to 30 percent of the offer size. Upon completion of the offering and receipt of all regulatory approvals, the company’s shares will be listed on the Main Board of Nigerian Exchange Limited (NGX).
Designed to broaden participation in wealth creation and deepen Nigeria’s capital market, the public offer provides millions of Nigerians with a unique opportunity to acquire ownership stakes in one of Africa’s most strategic industrial assets.
The BVN-integrated subscription platform will enable investors across the country to participate seamlessly, securely and transparently, removing many of the traditional barriers to equity investment.
Speaking at the IPO Signing Ceremony, Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the transaction as a defining moment for the company and the continent.
“Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security.
“Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation.”
He added: “This refinery means so much to our continent. From the man working in the Simandou mines, to the woman cultivating the fertile fields of Amhara, to the fisherman in Walvis Bay, and the custodians of our ancient history at the northern edge of Africa, this project represents a shared African achievement. Today is indeed a day of collective pride.”
The IPO represents one of the most significant initiatives aimed at democratising investment opportunities and expanding retail participation in Nigeria’s capital market. By leveraging existing digital financial infrastructure and BVN verification, DPRP seeks to make share ownership accessible to both first-time investors and experienced market participants nationwide.
Dangote said the transaction reflects the company’s commitment to inclusive prosperity, broad-based ownership and long-term national economic development.
The businessman also disclosed that the minimum subscription would be 10 shares.
“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape. By simplifying the subscription process through BVN integration and digital application channels, we are opening the door for millions of citizens to participate in the growth story of this strategic national asset.”
Dangote also disclosed his vision to make the refinery the largest in the world by 2028.
Currently, the 700,000 barrels per day refinery, situated in Lagos State, is Africa’s largest refinery.
Dangote said, “Today marks a significant milestone for us as not just a company, but as Nigerians and also Africans.
“As we gather today to witness the preliminary activities that will set in motion the initial public offering (IPO) of the 700,000 barrels per day in the Dangote refinery and petrochemicals, the largest refinery in Africa, world’s largest single train, and soon to be the largest refinery by 2028 in the world history.”
The billionaire also noted the significance of the energy sector, as he related it to indusrralisation.
“Today also shows that nothing is impossible for us to achieve once we are focused and determined. Our vision 2030 mantra at the Dangote Group is accelerating Africa’s industrialisation.
“We have learned the hard way, and we cannot industrialise if we do not have the energy security,” he noted.
Also speaking at the event, Chuka Eseka, Group Managing Director/Chief Executive Officer of Vetiva Capital Management Limited, the Lead Issuing House said the refinery was expected to list its shares in November 2026.
“Everything has been particularly tailored so that the issuer can come to the market, meet all the disclosure requirements of the Nigerian capital markets, and at the same time, have the opportunity to express the strength,” he said.
“For example, the dollar-denominated company dividends are going to be paid in dollars, and many other interfaces that the regulator worked with us.”
Presenting the details of the IPO, Olutade Olaegbe, Managing Director (MD), Investment Banking, Vetiva Capital Management Limited, said the offer would open on September 14, subject to the approval of the Securities and Exchange Commission (SEC).
He said the offer would run for about a month and close on October 13.
Details of the IPO, presented by Olaegbe, show that the refinery will list on the main board of the Nigerian Exchange (NGX) and all shares offered in the transaction will have rights and ranking equally with the existing ordinary shares of the refinery.
According to the MD, the offer is valued at about N2.15 trillion ($1.6 billion), with the refinery targeting participation from up to 10 million retail investors.
Olaegbe said the offer has a minimum subscription of 10 shares, meaning investors can participate with N5,250, based on the offer price of N525 per share, with subsequent subscriptions made in multiples of 10 shares.
He said the proceeds from the offer will be used to fund growth capital expenditure for the Dangote refinery, while the shares will be offered at a fixed price.
The managing director said all investors would subscribe at the same offer price, with payment required in full upon application.
Dangote refinery also introduced an incentive programme for retail investors, which will allow eligible participants to receive up to two additional shares if they maintain their holdings for a prescribed minimum period to be specified in the prospectus.
The offer also includes an oversubscription provision under which the issuer may increase the size of the offer by up to 30 percent, according to the MD, subject to approval by the SEC, depending on the level of demand.
For retail investors, applications will be made exclusively through electronic channels, including participating bank applications, specified fintech platforms and stockbroking platforms.
The refinery said qualified institutional investors will be able to subscribe electronically or complete investor application forms and submit them through receiving agents listed in the offer document.
On his part, the Managing Director of DPRP, David Bird explained that since the commencement of production in January 2024, Dangote Refinery has rapidly emerged as a key player in the global energy market expressing excitement that the facility last June, surpassed the United States to become the largest external supplier of jet fuel to Europe, a position it maintained in July, further underscoring its growing influence in international petroleum trade.
