BREAKING: Dangote Throws Refinery Ownership Open To Nigerians With N5,250
Aliko Dangote has opened the door for Nigerians to become shareholders in his giant petroleum refinery, with subscriptions starting from just N5,250.
The Dangote Group president and chief executive announced that Nigerians can acquire 10 ordinary shares at N525 each under the refinery’s proposed Initial Public Offering (IPO).
Speaking at the IPO signing ceremony in Lagos, Dangote said the company is targeting more than N2 trillion from the offer to finance the next phase of expansion of the 650,000 barrels-per-day Dangote Refinery in Lekki.
“In this IPO, we intend to raise just a bit more than N2 trillion... at an offer price of N525 with a minimum subscription of only 10 shares (N5,250),” Dangote said.
The proposed offer comprises 4.1 billion ordinary shares, with the fundraising target set at approximately N2.15 trillion.
Dangote described the offer as an “IPO for the People,” stressing that it was designed to give ordinary Nigerians and people across Africa an opportunity to own a stake in the massive refinery project.
“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action,” he said.
According to the businessman, the relatively low entry price was deliberately designed to encourage wider participation and enable Nigerians to build long-term wealth through equity ownership.
The announcement follows the Securities and Exchange Commission’s approval of the IPO on September 5, 2026, paving the way for the public offer.
The refinery has already raised significant funds ahead of the proposed listing. It secured $2.5 billion through a private placement in July, followed by a $1 billion underwriting programme in August, comprising a funded $600 million placement and a $400 million commitment.
The 650,000-bpd refinery has increasingly become a major player in Nigeria’s petroleum supply chain. The facility was reported in May to have supplied 41.5 million litres of petrol daily, operating at 101.25 per cent capacity utilisation.
It has also expanded its international footprint, exporting 456,000 tonnes of refined petroleum products in 12 cargoes to countries including Côte d’Ivoire, Cameroon, Tanzania, Ghana and Togo.
With the IPO, Dangote is seeking to transform the refinery from a privately held mega-project into one of the most widely owned companies on the Nigerian Exchange, potentially giving millions of Nigerians a direct stake in the country’s biggest refining project.
The Dangote Group president and chief executive announced that Nigerians can acquire 10 ordinary shares at N525 each under the refinery’s proposed Initial Public Offering (IPO).
Speaking at the IPO signing ceremony in Lagos, Dangote said the company is targeting more than N2 trillion from the offer to finance the next phase of expansion of the 650,000 barrels-per-day Dangote Refinery in Lekki.
“In this IPO, we intend to raise just a bit more than N2 trillion... at an offer price of N525 with a minimum subscription of only 10 shares (N5,250),” Dangote said.
The proposed offer comprises 4.1 billion ordinary shares, with the fundraising target set at approximately N2.15 trillion.
Dangote described the offer as an “IPO for the People,” stressing that it was designed to give ordinary Nigerians and people across Africa an opportunity to own a stake in the massive refinery project.
“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action,” he said.
According to the businessman, the relatively low entry price was deliberately designed to encourage wider participation and enable Nigerians to build long-term wealth through equity ownership.
The announcement follows the Securities and Exchange Commission’s approval of the IPO on September 5, 2026, paving the way for the public offer.
The refinery has already raised significant funds ahead of the proposed listing. It secured $2.5 billion through a private placement in July, followed by a $1 billion underwriting programme in August, comprising a funded $600 million placement and a $400 million commitment.
The 650,000-bpd refinery has increasingly become a major player in Nigeria’s petroleum supply chain. The facility was reported in May to have supplied 41.5 million litres of petrol daily, operating at 101.25 per cent capacity utilisation.
It has also expanded its international footprint, exporting 456,000 tonnes of refined petroleum products in 12 cargoes to countries including Côte d’Ivoire, Cameroon, Tanzania, Ghana and Togo.
With the IPO, Dangote is seeking to transform the refinery from a privately held mega-project into one of the most widely owned companies on the Nigerian Exchange, potentially giving millions of Nigerians a direct stake in the country’s biggest refining project.
