In a landmark move for Nigeria’s financial landscape, the Securities and Exchange Commission (SEC) has greenlighted the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
Expected to be one of the largest transactions in Nigerian capital market history, the IPO is set to open in just 10 to 12 days.
Aliko Dangote, President of Dangote Industries Limited, shared the news during a recent investor meeting in Botswana.
SEC Director Abdulkadir Abbas confirmed the approval via an official letter sent to Vetiva Advisory Services Limited, the Lead Issuing House for the offering.
The IPO will feature 4.1 billion ordinary shares priced at ₦525 each, potentially raising ₦2.15 trillion if fully subscribed.
This initiative also involves the registration of the company’s existing 120.13 billion shares, paving the way for a significant influx of investment.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery boasts a refining capacity of 700,000 barrels per day, making it the largest single-train refinery globally.
With a planned expansion to 1.4 million barrels per day, the facility aims to meet Nigeria’s domestic demand while also targeting export markets.
Equipped with state-of-the-art infrastructure and advanced processing technologies, the refinery adheres to the highest environmental standards, enhancing its appeal to investors.
As the IPO date approaches, excitement builds around the opportunity it presents to reshape Nigeria’s industrial sector and boost investor participation in the country’s economic future.