The People’s IPO: Dangote opens his Nigerian refinery to ordinary investors
Dangote Petroleum Refinery and Petrochemicals put 4.1 billion shares on sale at ₦525 each, with a minimum buy of about $4. Reported demand is high, but official figures aren’t out yet.
Key Takeaways
- 4.1 billion shares at ₦525 each, about ₦2.15 trillion (~$1.6 billion); minimum 10 shares, about $4.
- Reuters, citing two people with knowledge of the sale, reports about ₦6.4 trillion (~$4.78 billion) in orders, roughly 3× the target. Not official.
- Per the indicative timetable, returns are collated Nov 3, then SEC review and allotment, then a planned Nigerian Exchange listing later in November.
Aliko Dangote’s refinery is selling shares to the public. Dangote Petroleum Refinery and Petrochemicals put 4.1 billion shares on sale at ₦525 each, about ₦2.15 trillion (~$1.6 billion), with a minimum of 10 shares, or about $4. The offer opened Sep 14 and was set to close Oct 27 after a two-week extension.
The offer targets millions of ordinary Nigerians and Africans. Investors elsewhere in Africa can join via depositary receipts in Kenya and Botswana.
The demand is the story, but it isn’t official yet. Reuters, citing two people with knowledge of the sale, reports about ₦6.4 trillion (~$4.78 billion) in orders, roughly 3× the target. Applicants came from 119 countries, including all 54 African nations, per Bloomberg’s sources (via Nairametrics). A Dangote spokesperson declined to comment, and official figures haven’t been released.
The asset. The refinery was built for about $20 billion and runs at about 700,000 barrels a day, with commercial operations from early 2024, per Reuters and Nairametrics. The target is 1.4 million barrels a day by 2029, and IPO proceeds back the expansion.
What’s next. Per the indicative timetable reported by BusinessDay, returns are collated Nov 3, followed by SEC review and allotment, then a planned listing on the Nigerian Exchange later in November.
Demand figures are unofficial, from unnamed sources. Final allotment is pending. This is news, not investment advice.
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Sources
- Reuters (via Devdiscourse syndication), “Dangote refinery IPO draws three times target demand, sources say”, Oct 27, 2026. Link
- Nairametrics, citing Bloomberg, “Dangote refinery IPO meets target as investors from 119 countries apply”, Oct 27, 2026. Link
- BusinessDay, “Investors in last-minute hunt for Dangote refinery shares as offer closes tomorrow (indicative timetable)”, Oct 2026. Link
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