President of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally open the N2.15 trillion Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.
The ceremony, held on the NGX trading floor in Lagos, marks the first time a refinery is being offered to investors on the Nigerian stock market in the Exchange’s 66-year history.
The IPO comprises 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer opened on Monday, Sept. 14, 2026, and is scheduled to close on Oct. 13, subject to the terms contained in the prospectus.
Speaking after sounding the gong, Dangote described the offer as a “People’s IPO,” saying it was intended to widen public participation in the ownership of the refinery.
He said the IPO was the beginning of a broader plan to bring more companies within the Dangote Group to the capital market, adding that the group intended to list every company it establishes in the future.
Dangote also described Nigeria and Africa as the foundation of the group’s expansion, saying the Nigerian Exchange could serve as a platform for future listings on other exchanges.
The refinery, located in the Lekki Free Zone in Lagos, has been positioned as a major project in Nigeria’s drive to expand domestic refining capacity and reduce dependence on imported petroleum products.
Lagos State Governor Babajide Sanwo-Olu and other prominent figures attended the ceremony, including Nigerian Exchange Group President and Chairman Umaru Kwairanga, Ooni of Ife Oba Adeyeye Enitan Ogunwusi Ojaja II and Zenith Bank founder Jim Ovia.
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