Dangote Refinery N2.15tn IPO on NGX: What to Know About NGX Listing in 2026

President of Dangote Industries Limited, Aliko Dangote, on Monday formally opened the ₦2.15 trillion Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals at the Nigerian Exchange in Lagos.

Dangote sounded the traditional gong on the trading floor of the Nigerian Exchange (NGX), marking the commencement of an IPO described as a major milestone for Nigeria’s capital market.

The offering makes Dangote Refinery the first refinery to be offered to investors through the Nigerian stock market in the 66-year history of the Nigerian Exchange.

The IPO comprises 4.1 billion new ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250.

The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

The ₦2.15 trillion offer value represents the total value of the shares being offered if the IPO is fully subscribed.

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The offer is open to retail, institutional and eligible African investors, providing members of the public and other qualified investors an opportunity to acquire an interest in the refinery.

Dangote Refinery IPO Date, How to Buy Dangote Refinery Shares, N2.15tn Valuation Explained

Speaking after sounding the gong, Dangote described the offering as a “People’s IPO”, saying it was designed to broaden public participation in the ownership of the company.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” he said.

Dangote said the IPO was part of a broader strategy by the Dangote Group to take more of its companies to the capital market.

He disclosed that the group intends to list all companies it establishes in the future, stressing that the Nigerian Exchange would serve as a major platform for expanding public ownership.

“We, as a group, will list every single company that will operate,” Dangote said.

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He also projected that the market capitalisation of the group could exceed $350 billion by 2030, assuming a 10-times price-to-earnings ratio.

Dangote further said the NGX could provide a springboard for the group to pursue listings on other international exchanges.

“From this exchange, then we can go to any other place. So, Nigeria and Africa is our base. We want to make sure that we join our continent,” he said.

Located in the Lekki Free Zone in Lagos, Dangote Refinery is one of Nigeria’s largest industrial projects and has been positioned as a key part of efforts to increase domestic refining capacity and reduce the country’s reliance on imported petroleum products.

The IPO therefore represents a significant shift in the refinery’s ownership structure, moving it from a privately held industrial project towards broader public participation through the Nigerian capital market.

The ceremony was attended by Lagos State Governor, Babajide Sanwo-Olu; President/Chairman of Nigerian Exchange Group, Umaru Kwairanga; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II; founder of Zenith Bank, Jim Ovia; and Vice President, Oil and Gas and Fertiliser, Dangote Industries Limited, Devakumar V.G. Edwin.

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Members of the Dangote family, including two of Dangote’s daughters, were also present.

With the minimum subscription set at 10 shares, investors can participate in the offer with as little as ₦5,250, subject to the terms of the prospectus.

The Dangote Refinery IPO will run from September 14 to October 13, 2026.