Dangote Group Chief Executive Officer Aliko Dangote said on Monday that the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will have a minimum subscription of 10 ordinary shares, costing 5,250 naira ($3.9).
The IPO comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of 525 naira per share, Dangote said.
“We intend to raise just a bit more than 2 trillion naira,” Dangote said, according to TheCable, adding that the proceeds would be used to fund the expansion of the refinery.
Dangote said the minimum subscription was designed to allow a broad range of Nigerians, including workers and lower-income earners, to acquire a stake in the refinery.
The offering would also provide subscribers with an opportunity to build long-term savings through their investment, Dangote said.
“The IPO is positioned not simply as a capital-raising exercise, but as an opportunity for workers, entrepreneurs and everyday Nigerians to participate in the refinery’s future growth,” Dangote Refinery said.
Dangote described the offering as an “IPO for the people”.
The refinery, located in Lagos, is one of Africa’s largest oil refineries and has a processing capacity of 650,000 barrels per day.
The company has said it plans to expand its operations as part of its broader growth strategy.
The proposed offering, which is expected to raise more than 2 trillion naira at 525 naira per share, would represent a major transaction for Nigeria’s capital market.
Dangote Refinery has described the planned offering as the biggest IPO in Africa’s history.
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