SEC approves Dangote Refinery's N2.15 trillion IPO opening September 14
Nigeria's SEC has approved Dangote Refinery's initial public offering, clearing Africa's biggest-ever share sale targeting N2.15 trillion if fully subscribed. The offer consists of 4.1 billion ordinary shares at N525 per share, with proceeds funding plans to double the refinery's capacity from 650,000 to 1.4 million barrels per day.
Located on Lagos outskirts, the $20 billion facility has already transformed Nigeria's fuel market since operations began, boosting seaborne refined petroleum exports to Europe by 767% to 130,000 barrels daily in Q2 2026 compared to 2023 levels. Dangote Group confirms the IPO opens for subscription on September 14, with a formal signing ceremony with the Nigerian Exchange expected next week.
The offer is structured as an African listing payable in dollar terms, accessible to retail and institutional investors across the continent. Dangote Refinery previously strengthened its finances with a $2.5 billion private placement and secured underwriting commitments ahead of this public offering. The company aims to generate over $12 billion in EBITDA once fully operational at expanded capacity.
Will you participate in this historic IPO to gain exposure to Africa's largest refining project, or consider alternative investment opportunities given the N525 share price and September 14 subscription start date?