Dangote Refinery Announces $1.6 Billion IPO Opening September 2026

Dangote Petroleum Refinery and Petrochemicals announced the finalization of its initial public offering prospectus in Lagos, marking the last regulatory step before investor access begins. The company signed documents for a fixed-price offer comprising 4.1 billion ordinary shares priced at N525 ($0.39) each. A fully subscribed issue would raise approximately N2.15 trillion, equating to roughly $1.6 billion. CEO Alhaji Aliko Dangote confirmed the minimum subscription requirement is ten shares totaling N5,250 per investor. The offer window opens on September 14, 2026, and closes on October 13, 2026. Proceeds will fund capital expenditure to expand capacity from the current 700,000 barrels per day to 1.4 million barrels per day. Shares intend to list on the Nigerian Exchange in November 2026. Vetiva, FirstCap, and Stanbic manage the offering process, which targets retail investors including drivers, traders, and cooks alongside qualified institutions.