Africa’s Biggest-ever Share Sale Targets Massive Expansion as Dangote says Ordinary Nigerians, Workers and Investors can now Own Stakes in the Refinery.
Enugu Media Village (EMV), the Most Updated Online News Platform | September 7, 2026.
LAGOS — The Dangote Petroleum Refinery and Petrochemicals FZE has taken a major step towards becoming a publicly traded company following the signing of its Initial Public Offering (IPO) documents in Lagos on Monday.
The landmark transaction could raise approximately ₦2.15 trillion ($1.63 billion) if fully subscribed, making it one of the biggest capital-market transactions in Nigeria and Africa’s largest-ever share sale.
Under the approved offer, the refinery will make 4.1 billion ordinary shares available at ₦525 per share. The public offer is scheduled to run from September 14 to October 13, 2026.
Speaking at the signing ceremony, President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, said the IPO is designed to broaden participation in the ownership of the landmark industrial project.
Dangote stressed that ordinary Nigerians and workers should have an opportunity to benefit from the refinery’s growth, saying the objective is to enable people across different levels of society to have stakes in the business.
The refinery, located in the Lekki Free Zone in Lagos, was constructed at an estimated cost of about $20 billion and has an operational capacity of approximately 650,000 barrels per day, making it Africa’s largest single-train refinery.
Funds generated from the IPO are expected to support the refinery’s ambitious expansion programme, with plans to increase its processing capacity to approximately 1.4 million barrels per day.
If achieved, the expansion would position the facility among the world’s largest operating refineries and further strengthen Nigeria’s ambition to become a major refining and petroleum-products hub.
The IPO also represents a significant development for Nigeria’s capital market. Analysts and market observers will be watching investor demand closely as the offering tests the capacity of the Nigerian Exchange to absorb one of the continent’s largest industrial listings.
The Securities and Exchange Commission had earlier approved the offering of the 4.1 billion shares at ₦525 each and registered the company’s existing shares, clearing the way for the public offering.
The development comes at a significant time for Nigeria’s energy sector, as the Dangote Refinery continues to play an increasingly important role in domestic petroleum supply while expanding its reach into international markets.
With the IPO now moving towards its September 14 opening date, attention is turning to how Nigerians, institutional investors and international investors will respond to the landmark offer.
The transaction is expected to become a defining moment for Nigeria’s capital market and could further establish the Dangote Refinery as one of Africa’s most influential industrial assets.
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