Investors flooded the Nigerian Exchange on Monday as the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals recorded an unprecedented rush, attracting billions of naira in subscriptions within minutes of its official opening.
The milestone was announced during the opening gong ceremony at the NGX trading floor in Marina, Lagos, where top government officials, traditional leaders and key capital market operators gathered to mark the commencement of the public offer.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, sounded the gong to formally open the N2.15tn IPO, making Dangote refinery the first petroleum refinery to be offered to investors on the stock market in the Exchange’s 66-year history.
The IPO comprises 4.1 billion ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The subscription window opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
The offer is open to retail, institutional, and eligible African investors.
Dangote urged Nigerians, including teachers, artisans, civil servants and students, to invest in the refinery, describing the offer as an opportunity for ordinary Nigerians and Africans to become part owners of the strategic asset.
“The Dangote refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability, and significant value to the economy.
“By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote refinery will continue to create for decades to come,” he stated.
Dangote said the refinery IPO was also the beginning of a broader plan to list more companies within the group. “We fully share all our prosperity with the people. That’s why we call this a ‘People’s IPO.’ We know the journey has actually just started. It’s not only about the refinery,” Dangote said.
He added that the group intended to list all its operating entities in the future. “We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350bn,” he stated.
Dangote said the Nigerian Exchange would serve as the primary platform from which the group could pursue dual listings on other global exchanges. “From this exchange, then we can go to any other place. Nigeria and Africa are our base. We want to make sure that we join our continent,” he noted.
He said the IPO reflected the group’s philosophy of creating prosperity through broad ownership and enabling ordinary citizens to share in the success of transformational businesses.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated.
Dangote disclosed that the refinery generated approximately N19.47tn in revenue in the first half of 2026, while profit after tax stood at N2.55tn. At the offer price of N525 per share, the refinery is expected to have an implied market capitalisation of about N65.22tn.
When combined with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5tn on the Nigerian Exchange.
Dangote’s net worth
A report by Bloomberg said Aliko Dangote’s net worth may rise to as much as $58.2bn following the IPO. The projection represents an increase of about $22.9bn from his current estimated wealth of $35.3bn, according to the Bloomberg Billionaires Index.
The IPO is expected to raise about $1.6bn and value the refinery at almost $50bn, according to the report.
Bloomberg said the increase in Dangote’s wealth could push the Nigerian billionaire past US hedge fund manager Ken Griffin and technology billionaire Eric Schmidt on the global wealth ranking.
Dangote said the IPO was designed to give Nigerians and other investors an opportunity to participate in the business.
“We, as Nigerians and Africans, must be bold and lead the change to develop our economies; only then will the others take us very seriously, only then we’ll be in a position to negotiate and walk away with terms we deserve, not those terms that are given to us,” Dangote said at an IPO signing ceremony in Lagos.
The Chairman of NGX Group, Umaru Kwairanga, described the transaction as a defining milestone for Africa’s capital markets and evidence of the capacity of African capital to finance large-scale projects.
Lagos State Governor, Babajide Sanwo-Olu, said the IPO would create investment opportunities for a broad range of Nigerians.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, commended the democratisation of the offer, stating that making shares accessible at an entry point of N5,250 allows everyday retail investors across the country to participate directly in national wealth creation.
Similarly, a former NGX President, Aigboje Aig-Imoukhuede, highlighted the swift capital inflow observed in the data room, noting that the overwhelming early response underscored strong investor confidence in the company’s long-term governance and financial prospects.
The Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, also commended Dangote for demonstrating that African ambition could deliver globally significant industrial projects.
Meanwhile, the Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery had become the largest single supplier of refined petroleum products into Europe while maintaining safe, reliable and efficient operations.
Bird added that the company remained focused on achieving its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
Dangote said the refinery had fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” he stated.
He said the group’s expansion across Africa was aimed at supporting industrialisation on the continent.
“Our vision 2030 and mantra at the Dangote Group is accelerating Africa’s industrialization. As we continue to invest in Nigeria as the powerhouse in Africa, we must also preach and take this gospel to other parts of the continent,” he stated.
Source: punchng.com
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