The Dangote Petroleum Refinery and Petrochemicals FZE has received approval from the Securities and Exchange Commission to proceed with its initial public offering at ₦525 per share.
The company will offer 4.1 billion ordinary shares, which could raise about ₦2.15 trillion if fully subscribed.
The SEC has also registered the refinery’s existing 120.13 billion ordinary shares.
The approval clears the way for what could become Africa’s largest-ever share sale.
The offer is expected to open its order book on 14th September.
Dangote Group said the SEC approval was an important step toward bringing more investors into the refinery business.
“With SEC approval now secured, the refinery is poised to embark on a historic public offering that could significantly broaden investor participation in one of Nigeria’s most transformative industrial ventures,” the company said.
The refinery, located in the Lekki Free Zone in Lagos, has a processing capacity of about 650,000 barrels of crude oil per day.
It is Africa’s largest single-train refinery.
The share sale is expected to help fund plans to increase the refinery’s capacity to 1.4 million barrels per day.
The company has also secured a $400 million underwriting commitment for the IPO.
Dangote Group President Aliko Dangote said investors across Africa, including Nigerian retail investors, should take part in the offer.
“This is not a Nigerian listing.
"It’s an African listing, and we are going to pay everybody, including the Nigerian listing, in dollar terms,” Dangote said.
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