Dangote Petroleum Refinery and Petrochemicals FZE signed the transaction documents for its planned initial public offering on Monday, setting the stage for a ₦2.15 trillion ($1.63 billion) share sale that will bring the privately held refinery to Nigeria's public market.
The signing ceremony in Lagos comes a week before the offer opens on Sept. 14. The refinery plans to sell 4.1 billion ordinary shares at ₦525 each, with the offer scheduled to run through Oct. 13.
Vetiva Advisory Services is leading the transaction, with Stanbic IBTC Capital and First Capital acting as joint issuing houses. Banwo & Ighodalo, AELEX and Olaniwun Ajayi LP are legal advisers. Deloitte is auditor, KPMG is reporting accountant and Buraq Capital Limited is Shari’ah adviser.
The IPO follows a private placement completed earlier this year as the refinery has sought additional capital to support its expansion. NNPC Limited, which invested in the refinery before the public offering, is a minority shareholder.
The public offering is intended to provide growth capital as the refinery expands its operations. The facility has a capacity of about 700,000 barrels a day and is targeting an expansion to 1.4 million barrels a day.
The offer is being made by way of subscription at a fixed price, with a minimum application of 10 shares. The transaction documents provide for the issuer to take up to 30% additional shares in the event of oversubscription, subject to Securities and Exchange Commission approval.
Eligible retail investors will also be entitled to an incentive of up to two additional shares at no additional cost, subject to the applicable holding requirements and regulatory approvals. The shares have been assessed as Shari’ah-compliant.
The IPO has a $400 million underwriting commitment. Following the close of the offer and completion of the requisite regulatory processes, Dangote Refinery is expected to list its shares on the Main Board of Nigerian Exchange Limited (NGX) in November 2026.
The signing marks the transition of the transaction into the public-offer phase, with investors able to subscribe from Sept. 14.
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