Editorial review — 13 September 2026
This is historical reporting. Earlier timetable, valuation and placement statements below should be read in their original publication context, not as current application terms.
The issuer publishes an offer window of 14 September–13 October 2026, at ₦525 per share with a minimum of 10 shares (₦5,250 before fees). The exchange listing date is a separate milestone. At our 13 September review the issuer still described the prospectus as forthcoming.
Current offer tracker · Dated investment research
Current primary sources
- Issuer: offer timetable, price and prospectus availability
- Issuer: refinery operations and capacity
- Issuer: 18 August underwriting announcement
These sources support the current update; they do not independently confirm every historical claim below.
Dangote Refinery Wins SEC Approval, Sets Offer Price for Historic $1.6 Billion IPODangote Petroleum Refinery & Petrochemicals has officially secured regulatory approval from Nigeria’s Securities and Exchange Commission (SEC) and finalized the offer price for its landmark Initial Public Offering (IPO). According to market sources and regulatory filings, the refinery plans to raise approximately $1.5 billion to $1.6 billion in what is set to become the largest public equity offering in African capital markets history.
Offer Structure, Valuation, and Share Pricing
The company will offer 4.1 billion ordinary shares to retail and institutional investors at an indicative price of N525 ($0.40) per share on the Nigerian Exchange (NGX). The public order book is scheduled to open on Monday, September 14, 2026. To accommodate potential excess demand, the transaction includes a 15% greenshoe option that allows bookrunners to allot additional shares if the offer is oversubscribed.
Independent financial analysts value the world-class refining facility at between $40 billion and $50 billion. The public float follows an oversubscribed $2.5 billion private placement completed earlier in July 2026, alongside a $1 billion underwriting commitment structured by regional investment partners.
Capacity Expansion and Unique USD Dividend Structure
Proceeds from the share issuance will primarily fund the expansion of the Lagos-based facility, aimed at doubling its nameplate processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd. The refinery reached full operational capacity in February 2026 and has recorded test output runs reaching 700,000 bpd.
A key attraction for domestic and foreign investors is the proposed dividend structure. While local investors can subscribe to shares using Nigerian Naira, dividends are structured to be paid in US Dollars, supported by the facility's expected $6.4 billion in annual hard-currency export revenues from refined fuels, petrochemicals, and fertilizer products.
Dual-Listing Plans and Regional Energy Expansion
- London and JSE Cross-Listings: Dangote Group confirmed that while the primary listing remains on the NGX, a secondary listing on the Johannesburg Stock Exchange (JSE) is under consideration, with a London Stock Exchange (LSE) listing planned within three years. Separately, Dangote Cement Plc targets its secondary LSE listing for October 2026.
- East African Coastal Refinery: Dangote Group will formally launch construction on a $16 billion, 700,000 bpd coastal refinery in Lamu, Kenya, on September 30, 2026, offering East African partner governments a 30% equity stake.
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