Dangote Petroleum Refinery and Petrochemicals FZE will on Sept. 14 open subscriptions for a ₦2.15 trillion ($1.6 billion) initial public offering, Nigeria’s largest-ever public share sale.
The company will offer 4.1 billion ordinary shares at ₦525 each, with the offer set to close on Oct. 13, according to documents signed on Monday at Eko Hotel and Suites in Lagos by Dangote Group President Aliko Dangote and advisers to the deal.
Dangote said the IPO is aimed at giving ordinary Nigerians ownership in the 650,000 barrels-per-day refinery.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said at the ceremony.
According to Lanre Buluro, Managing Director, Investment Banking at Chapel Hill Denham, retail investors can subscribe with a minimum of 10 shares, or ₦5,250.
Buluro said the process is “100% digital” and will take 2-3 minutes. Investors need a Bank Verification Number (BVN), a bank account, and a mobile phone or laptop.
Subscriptions can be made through Moniepoint, MTN MoMo, Airtel, Payaza, PiggyVest, Paga, Bamboo and Chapel Hill Denham’s InvestNaija platform.
He said investors do not need an existing Central Securities Clearing System (CSCS) account. One will be created automatically in under two minutes once BVN and bank details are verified. A stockbroker backs each of the listed apps and will contact subscribers after the offer with their CSCS and Clearing House Number (CHN).
Buluro said the advisers and the Securities and Exchange Commission (SEC) will review subscriptions before allotment.
The offer includes provision to increase the size by 30% in case of oversubscription. That could see total shares issued rise to about 5.3 billion.
He advised both new and existing investors to consult financial advisers and read the prospectus before investing.
The Dangote Refinery, located in Lekki, Lagos, began operations in 2024 and is expected to reduce Nigeria’s dependence on imported refined products.