LAGOS, Nigeria – Dangote Petroleum Refinery and Petrochemicals is preparing to price ordinary shares in its upcoming initial public offering (IPO) at ₦525 (approximately $0.35) per share, positioning the energy conglomerate to raise an estimated $1.5 billion in what is slated to become the largest equity market listing in African corporate history, financial market sources confirmed on Friday, September 4, 2026.
The transaction marks a defining milestone for Nigeria’s capital markets and the broader continental industrial sector, paving the way for institutional and retail public ownership in the multi-billion-dollar single-train petrochemical complex located in the Lekki Free Trade Zone of Lagos.
Okay News reports that the company is targeting an official opening of its institutional order book on September 14, 2026, aligning directly with recent guidance from Dangote Group President Aliko Dangote, who signaled to institutional investors during a business forum in Gaborone, Botswana, that the equity float would open within 10 to 12 days.
Under the proposed structure disclosed by individuals familiar with the transaction, the conglomerate plans to issue 4.1 billion ordinary shares at ₦525 each, though the specific equity percentage represented by the share offering has not been publicly detailed.
To accommodate anticipated oversubscription from domestic pension fund administrators and global asset managers, the equity transaction includes a 15 percent greenshoe overallotment option, granting underwriters the flexibility to issue additional shares to satisfy excess demand and potentially lift total gross proceeds well beyond the initial $1.5 billion threshold.
The primary capital raised through the public offering will be deployed toward financing an ambitious expansion program designed to more than double the facility’s current nameplate refining capacity from 650,000 barrels per day to 1.4 million barrels per day, reinforcing its standing as one of the world’s premier petroleum processing facilities.
The planned public subscription comes on the heels of extensive pre-listing balance-sheet reinforcement, with Dangote Refinery having previously secured $2.5 billion through a structured private placement alongside a $1 billion institutional underwriting arrangement.
The commercial scaling of the Lekki facility has already reshaped Nigeria’s macroeconomic landscape, with the domestic oil refining sector expanding by 43.94 percent year-on-year in the second quarter of 2026, according to official Gross Domestic Product data published by the National Bureau of Statistics (NBS).
Internationally, data from the United States Energy Information Administration (EIA) indicates that Nigerian seaborne exports of refined petroleum products to European markets surged to 130,000 barrels per day in the second quarter of 2026, rising by approximately 767 percent from 15,000 barrels per day recorded in 2023.
Beyond its domestic operations, the industrial group is advancing an external expansion strategy centered on a proposed $17 billion greenfield refinery project in Kenya, designed over a five-year construction horizon to supply refined fuels across the East African Community and diminish the regional bloc’s exposure to overseas import volatility.
With book-building scheduled to commence in mid-September, capital market analysts anticipate that regulatory filings with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) will trigger significant institutional liquidity reallocations across West African equities before the end of the year.
