Dangote opens refinery IPO to retail investors, says BVN holders can buy shares

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said the public offer for Dangote Petroleum Refinery was designed to make it easier for ordinary Nigerians to acquire shares in the company.

Dangote said the offer was intended to broaden ownership of the refinery beyond institutional and high-net-worth investors, allowing retail investors to participate through simplified digital subscription channels.

The initial public offering opened on 14 September and comprises 4.1 billion ordinary shares priced at N525 each. The minimum subscription is 10 shares, representing an initial investment of N5,250, excluding applicable charges. The offer is scheduled to close on 13 October.

Dangote said the company had integrated Bank Verification Number checks and digital application channels into the subscription process to make participation easier.

“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape,” Dangote said.

He said the intention was not only to raise capital but also to expand public participation in one of the country’s largest industrial projects.

According to Dangote, the company wants workers, traders, professionals, entrepreneurs and other categories of Nigerians to be able to invest without facing complicated subscription procedures.

He described the offer as an attempt to broaden access to wealth creation through ownership of productive assets.

Dangote said Nigerians should be able to benefit from the refinery not only as consumers of petroleum products but also as shareholders in the business.

The company has described the offer as a “people’s IPO”, with subscriptions available through approved digital investment platforms, banks and other authorised channels.

IPO targets broader ownership

Dangote said wider participation in the refinery would also contribute to the development of Nigeria’s capital market by bringing more retail investors into equity ownership.

He argued that broad-based ownership could allow more Nigerians to participate directly in the value created by major domestic businesses.

“People should not only benefit as consumers of refined petroleum products; they should also benefit as owners,” he said.

The company has said proceeds from the share sale will support its long-term growth, expansion and strategic investment plans. The IPO is expected to raise about N2.15tn.

The offer has already generated significant retail interest. Several digital investment platforms experienced heavy traffic following its launch as investors sought access to the shares.

Refinery plans major expansion

Dangote Petroleum Refinery currently has processing capacity of about 700,000 barrels of crude oil per day and has become a major supplier of refined petroleum products to Nigeria and export markets.

The company plans to double the refinery's processing capacity to 1.4 million barrels per day by 2029 as part of a multibillion-dollar expansion programme.

The refinery began commercial operations in 2024 and has since expanded production of petrol, diesel, aviation fuel, and other petroleum products for domestic and international markets.

Dangote said the company remained committed to strong corporate governance, transparency, and long-term shareholder value as it brings in a wider group of investors.

Further information on subscriptions, eligibility, and investment procedures is contained in the offer prospectus and is available through authorised market channels.

The refinery is expected to be listed on the Nigerian Exchange after completion of the public offer and other regulatory processes.