…Nigerians to subscribe through BVN-linked platform
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The Dangote Petroleum Refinery and Petrochemicals is targeting as many as 10 million investors as it prepares to open its landmark ₦2.15 trillion Initial Public Offering (IPO) on September 14.
The offer, which could become Africa's largest-ever public share sale, is designed to bring millions of Nigerians into the ownership of one of the continent's biggest industrial projects.
The refinery plans to offer 4.1 billion ordinary shares at ₦525 per share, potentially raising about ₦2.15 trillion if fully subscribed. The offer also carries an overallotment option of up to 30 per cent, subject to the applicable regulatory requirements.
The Securities and Exchange Commission has already approved the IPO, clearing the way for the offer after months of preparations and regulatory scrutiny.
One of the major features of the offer is the plan to use a technology-driven subscription process linked to Nigeria's Bank Verification Number (BVN) system.
The initiative is expected to make it easier for retail investors across the country to participate, particularly first-time investors who may previously have found the traditional process of buying shares complicated.
The company said the approach was designed to make the transaction more accessible, secure and transparent while broadening participation in Nigeria's capital market.
The offer is expected to run from September 14, with current transaction documents indicating that the subscription period will extend into October. The refinery is expected to list on the Nigerian Exchange after completion of the offer and the necessary regulatory processes.
Speaking at the IPO signing ceremony in Lagos, Aliko Dangote, Chairman of the Board of Directors of Dangote Petroleum Refinery and founder of Dangote Industries Limited, described the offer as a major milestone in the evolution of the refinery.
He said the company was deliberately opening ownership of the strategic asset to a wider community of investors.
According to Dangote, the IPO would give Nigerians an opportunity to participate directly in the refinery's future growth and value creation.
He described the refinery as a project with significance beyond Nigeria, portraying it as an African industrial achievement capable of contributing to the continent's energy security.
Dangote said the offer reflected the company's ambition to promote broader ownership and inclusive participation in the economic value created by the refinery.
The IPO is also being positioned to attract ordinary Nigerians rather than institutional investors alone.
Dangote has said the minimum subscription will be 10 shares, costing ₦5,250 at the offer price of ₦525 per share.
That low entry point is central to the company's ambition to reach millions of retail investors.
The proposed offer therefore represents more than a major fundraising exercise. It is also a test of how deeply Nigerians are willing to participate in the ownership of large domestic companies through the capital market.
The IPO comes as Dangote Refinery prepares for another major expansion.
The company plans to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day, with the expansion programme expected to require significant additional investment.
The refinery, which began operations in 2024, has already transformed Nigeria's refining landscape and reduced the country's dependence on imported refined petroleum products.
Its proposed public listing will therefore place one of Nigeria's most strategically important industrial assets directly before the investing public.
For the Nigerian capital market, the transaction will also test retail appetite on an unprecedented scale.
If the Dangote Refinery succeeds in attracting anything close to its targeted 10 million investors, the IPO could mark a significant shift in the relationship between ordinary Nigerians and the country's equity market.
For millions who have watched the refinery grow from a massive construction project into a major energy asset, September 14 will provide an opportunity to decide whether they want to become shareholders in the next phase of that story.