Dangote Refinery Targets 10 Million Investors in ₦2.15tn IPO

 Dangote Refinery Targets 10 Million Investors in ₦2.15tn IPO

…Nigerians to Subscribe for Shares Using BVN

The Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced plans to raise approximately ₦2.15 trillion (US$1.6 billion) through an Initial Public Offering (IPO), targeting up to 10 million Nigerian investors in what is expected to be one of the largest equity offerings in Nigeria’s capital market history.

The offer, scheduled to open on September 14, 2026, will feature a technology-driven subscription process integrated with the Bank Verification Number (BVN) system to enable Nigerians to acquire shares securely and conveniently.

The transaction also includes an overallotment option of up to 30 per cent of the offer size, while the company’s shares are expected to be listed on the Main Board of Nigerian Exchange Limited (NGX), subject to the completion of the offering and receipt of all regulatory approvals.

The IPO was unveiled at a signing ceremony attended by Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited.

Speaking at the event, Dangote described the transaction as a defining milestone in the evolution of the refinery and an opportunity to broaden ownership of the strategic industrial asset.

“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 that the refinery represents a shared African achievement and a source of collective pride for the continent.

Dangote said the public offer would provide Nigerians with an opportunity to become co-owners of a refinery that is transforming Africa’s energy landscape, while contributing to inclusive prosperity, broad-based ownership and long-term national economic development.

“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.”

The company said the BVN-integrated platform would leverage existing digital financial infrastructure to simplify equity investment and remove traditional barriers to participation.

The initiative is expected to expand retail participation in Nigeria’s capital market by providing both first-time investors and experienced market participants with access to ownership in one of Africa’s most strategic industrial assets.