The public offering of shares in the Dangote Refinery, is placing one of Nigeria’s most ambitious industrial projects at the centre of the country’s capital market, opening a new avenue for Nigerians and other eligible investors to participate in the ownership of Africa’s largest single-train refinery.
The Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion ordinary shares at ₦525 each, with the base offer targeting approximately ₦2.15 trillion ($1.6 billion). The minimum subscription is 10 shares, meaning investors can enter the offer with ₦5250, subject to the applicable terms and requirements.
The offer that opened today September 14, 2026, and is scheduled to close on October 13, 2026, with trading on the Nigerian Exchange, expected around November 2026. Apart from the numbers of shares, the IPO represents a stage where ordinary Nigerians can become financial participants, in a major industrial asset that has already reshaped the country’s petroleum landscape, from a refinery to national economic asset.
Many years ago, Nigeria exported crude oil out of the country, while importing substantial volumes of refined petroleum products, exposing the economy to foreign exchange pressures, international price movements, shipping costs and supply disruptions. Conversely, the Dangote Refinery came and started altering that equation.
By processing crude domestically, the refinery has shown the potential to reduce dependence on imported refined products, conserve foreign exchange and strengthen the domestic petroleum value chain. Its expansion could also expand demand for Nigerian crude, transportation, engineering, logistics, maintenance, financial services and other supporting industries.
The proposed expansion is particularly significant. The company plans to invest about $14.3 billion to increase refining capacity to 1.4 million barrels per day by 2029. If achieved, the expansion would move the refinery way beyond its role as a major domestic fuel supplier, and strengthen its position as a regional refining and export hub.
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