Dangote Refinery to offer shares for sale at ₦525 following SEC approval

The Dangote Petroleum Refinery and Petrochemicals FZE may offer its shares for sale at ₦525 following approval by the Securities and Exchange Commission (SEC).

Recall that last week, SEC approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.

The approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.

According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed.

In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.

The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.

SEC’s clearance represents another major step in the evolution of Dangote Petroleum Refinery, opening investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital market.

Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex occupies approximately 2,635 hectares and is home to a world-class integrated refining and petrochemicals facility.

The complex currently has a refining capacity of 700,000 barrels per day, making it the largest single-train refinery in the world, alongside a 900,000 tonnes per annum polypropylene plant. The facility is powered by a dedicated 435-megawatt power plant.

At full production, the refinery is designed to satisfy Nigeria’s domestic demand for refined petroleum products while generating substantial volumes for export markets. The facility is also undergoing expansion that is expected to increase capacity to 1.4 million barrels per day, positioning it to become the world’s largest refinery.

With SEC approval now secured, the refinery is poised to embark on a historic public offering that could significantly broaden investor participation in one of Nigeria’s most transformative industrial ventures.