Dangote Refinery opens N2.15tn IPO on Nigerian Exchange today

The Dangote Refinery’s landmark initial public offering opened on the Nigerian Exchange on Monday, with Aliko Dangote sounding the trading floor gong in Lagos to launch Africa’s biggest share sale and open ownership of the plant to ordinary investors for the first time.

The offer, which opened at 8:00am on Monday, September 14, 2026, puts up 4.1 billion new ordinary shares at N525 each, with a minimum subscription of just 10 shares valued at N5,250. If fully subscribed, the sale would raise about N2.15 trillion (roughly $1.6 billion), a figure that could rise to about $2.1 billion if the offer is oversubscribed and the company exercises its green-shoe option to issue 30 per cent more shares. The offer closes on October 13, 2026, with listing scheduled for November.

Punch reported that the gong ceremony on the NGX trading floor marked the first time a refinery has been offered on the Nigerian stock market in the Exchange’s 66-year history, with Lagos State Governor Babajide Sanwo-Olu among the dignitaries present. Dangote said the IPO was part of efforts to broaden participation in the ownership of his companies.

The offer is open to retail, institutional and eligible African investors. Shares can be bought through banks, stockbroking firms’ apps, approved POS stations and other digital investment platforms, and applications submitted through electronic channels require a valid Bank Verification Number. Vetiva Advisory Services is the lead issuing house, supported by Chapel Hill Denham, Stanbic IBTC Capital, Afrinvest Capital and others.

Dangote has marketed the offer as a chance for everyday Africans to own a piece of the $20 billion refinery, saying last week that he wants to add ten million African retail investors to the shareholder base. Interest is expected to be heavy: a July private placement that heralded the IPO was 3.7 times oversubscribed.

The money will finance expansion. The refinery, built at a cost of about $20 billion on the outskirts of Lagos, currently processes 700,000 barrels of crude per day and aims to double that to 1.4 million barrels by 2029. Reuters calculates that the offer values the plant at about $47 billion. The company reported N19.1 trillion in turnover and N2.5 trillion in profit after tax in the first half of this year, boosted by jet fuel demand linked to supply disruptions from the Iran war, and a cross-border listing on the Johannesburg Stock Exchange is in the works.

Not everyone is convinced on price. Chris Chijioke, a Lagos business owner who told Reuters he would buy 2,000 shares, said the size of the refinery and Dangote’s track record made a strong case but warned the offer price would not be justified if plans to double capacity are delayed. “I personally think it is overvalued,” he said.

The launch completes the run-up NaijaTrend has followed since the offer was priced: the SEC approved the N525 share price earlier this month, and the company held a preliminary signing ceremony last week. Investors have until October 13 to subscribe.

Source: Reuters (via CNBC Africa), Punch, Premium Times, The Guardian