Aliko Dangote has said the upcoming Dangote Refinery IPO will give ordinary Nigerians, including the company’s drivers and cooks, an opportunity to become shareholders in the 650,000-barrel-per-day facility.
Dangote made the declaration on Monday at the signing ceremony for the refinery’s Initial Public Offering in Lagos, attended by business leaders including Zenith Bank chairman Jim Ovia and Heirs Holdings chairman Tony Elumelu.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.
According to Channels Television, the public offer will comprise 4.1 billion ordinary shares priced at ₦525 per share. The official subscription period is scheduled to open on September 14, 2026, and close on October 9.
Investors will be able to subscribe for a minimum of 100 shares, valued at ₦52,500, with additional subscriptions available in multiples of 50 shares.
The IPO marks the refinery’s first public offer since it was commissioned in 2023, following almost a decade of construction and an investment of about $20 billion.
Located in the Lekki Free Zone, Lagos, the Dangote Refinery is designed to process 650,000 barrels of crude oil daily. The company plans to use proceeds from the public offering to expand the facility’s capacity to 1.4 million barrels per day.
At the offer price, the refinery’s implied valuation is about $47 billion. If fully subscribed, the listing is expected to increase the total market capitalisation of the Nigerian Exchange by an estimated 30 to 40 per cent.
The company has also proposed paying dividends in US dollars, with foreign exchange earnings from refined petroleum products and petrochemical exports expected to support the dividend plan.
The refinery currently supplies more than 80 per cent of Nigeria’s domestic petrol demand, according to the report.
The IPO follows a $2.5 billion private placement completed in July and comes as Dangote Industries seeks to expand its refining operations and strengthen its position in the African energy market.
