President of Dangote Industries Limited, Aliko Dangote, has said the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals is designed to broaden ownership of the refinery while providing funding for its expansion.
Dangote made the disclosure in an interview with Bloomberg Television, describing the public offering as more than a capital-raising exercise.
According to him, the IPO is intended to give more Africans the opportunity to become shareholders in one of the continent’s largest industrial projects while supporting the company’s long-term expansion plans.
The refinery currently has a crude-processing capacity of 700,000 barrels per day. Dangote said the company plans to increase the capacity to 1.4 million barrels per day in the coming years.
He said proceeds from the IPO would support the expansion programme as the company seeks to strengthen its position in Africa’s energy sector.
Dangote also said the public offering was part of a broader effort to expand participation in the ownership of major African businesses.
“For decades, Africa’s most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business,” he said.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250. The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026.
Dangote has also said the company is targeting a broad shareholder base, with the aim of attracting as many as 10 million shareholders from Nigeria and other African countries.
The businessman said the group deliberately wants to spread ownership among a wider pool of investors rather than concentrate the shares among a limited number of large investors.
The refinery’s public offering has attracted significant attention in Nigeria’s capital market, with the Nigerian Exchange describing it as the first petroleum refinery to be offered to investors through the stock market in its 66-year history.
Dangote further disclosed that the company intends to pursue an international listing after completing the next phase of its expansion, including a planned listing on the New York Stock Exchange.
The ongoing IPO is expected to raise up to ₦2.15 trillion if fully subscribed, with the proceeds earmarked primarily for growth capital expenditure linked to the refinery’s expansion programme.
The public offer is open to eligible retail, institutional and African investors, subject to the terms contained in the approved prospectus.
The Securities and Exchange Commission has advised prospective investors to use only officially approved subscription channels and to verify any platform or individual requesting payment in connection with the offer.
