Nigeria’s public equity market is preparing for one of the largest listings in its history as Dangote Petroleum Refinery and Petrochemicals FZE moves to the Nigerian Exchange. The transaction places an industrial enterprise spanning energy, manufacturing, trade and industrial development within reach of both retail and institutional investors.
The offer consists of 4.1 billion ordinary shares priced at ₦525 each. Full subscription would raise approximately ₦2.15 trillion, with a greenshoe option of up to 30% reserved to absorb excess demand. Participation begins at a minimum of 10 shares, meaning investors can enter from ₦5,250. The offer window runs from 14 September 2026 to 13 October 2026. FCMB Capital Markets is serving as a Joint Issuing House, CSL Stockbrokers as Stockbroker to the Issue, and First City Monument Bank Limited as a Receiving Bank and Financial Intermediary, with its portal approved as an Electronic Application Channel.
Based on the offer price, the indicative post-offer market capitalisation stands at about ₦65.22 trillion ($47.83 billion) on a post-money, pre-greenshoe basis.
The refinery was developed in response to a structural weakness in Nigeria’s economy: despite substantial crude oil reserves, the country has historically depended heavily on imported refined petroleum products. Commissioning of the facility has begun to shift that dynamic. Refining capacity is currently about 700,000 barrels per day, up from an original nameplate capacity of 650,000 barrels per day, positioning the plant as a major component of Nigeria’s downstream petroleum infrastructure and supporting reduced import dependence and stronger regional petroleum-product trade.
Financial momentum has been significant. Revenue more than doubled from $6.3 billion in 2024 to $12.3 billion in 2025, and reached $13.9 billion in the first half of 2026 alone. After recording a loss in 2025, the refinery generated $1.8 billion in profit after tax in the first half of 2026. The company also plans to lift refining capacity to about 1.4 million barrels per day by 2029, which would place it among the world’s largest refining operations.
Investors can access the official routing website at ipo.dangote.com for the prospectus, FAQs and subscription guidance. Institutional and other eligible investors, including high-net-worth individuals, fund managers, pension fund administrators, insurance companies, unit trusts and Eligible African Investors, may apply through the prescribed forms if subscribing for at least 50,000 shares. FCMB account holders can subscribe through the mobile app or website, while other investors can open a stockbroking account through the CSL portal at cslportal.fcmb.com. All applicants must satisfy applicable KYC and account requirements.
