Dangote Refinery IPO: SEC Approves ₦2.15tn Share Offer

Dangote Refinery IPO: SEC Approves ₦2.15tn Share Offer

.....Proposed 4.1 billion-share offering to open investment opportunities in Nigeria’s largest industrial project

The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for a proposed ₦2.15 trillion capital-raising exercise.

The approval, conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, authorises the refinery to proceed with the next stage of its public offering.

According to the Commission, the proposed offer comprises 4.1 billion ordinary shares at ₦525 per share, which could raise approximately ₦2.15 trillion if fully subscribed.

The SEC has also registered the company’s existing 120.13 billion ordinary shares.

The regulatory clearance covers the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.

The approval could position the offering among the largest capital market transactions in Nigeria’s history, while broadening investor participation in one of Africa’s most significant industrial assets.

### Refinery’s scale and expansion plans

Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex occupies approximately 2,635 hectares and houses an integrated refining and petrochemicals facility.

The refinery currently has a refining capacity of 700,000 barrels per day, making it the world’s largest single-train refinery, alongside a 900,000-tonnes-per-annum polypropylene plant.

The facility is powered by a dedicated 435-megawatt power plant.

At full production, the refinery is designed to meet Nigeria’s domestic demand for refined petroleum products while supplying export markets.

The facility is also undergoing expansion expected to increase its capacity to 1.4 million barrels per day, which would position it to become the world’s largest refinery.

### Infrastructure and export capacity

The complex is supported by extensive infrastructure, including a dedicated marine facility designed to optimise logistics and freight efficiency.

It also has five Single Point Moorings (SPMs), described as the world’s largest single order of SPMs, alongside advanced processing technology designed to meet World Bank, United States Environmental Protection Agency (EPA), European emission standards and Nigerian regulatory requirements.

Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.

The refinery’s storage network comprises 177 tanks with a combined capacity of 4.742 billion litres.

With SEC approval secured, Dangote Petroleum Refinery is set to advance toward a landmark public offering that could significantly expand investment opportunities in Nigeria’s industrial and capital markets.