SEC Approves Dangote Refinery's N2.15 Trillion IPO, Africa's Biggest Share Sale
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The Securities and Exchange Commission has approved the initial public offering of Dangote Petroleum Refinery, clearing the way for a N2.15 trillion share sale at N525 per share that could become Africa's biggest-ever listing.
Nigeria's Securities and Exchange Commission has approved the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the way for what is expected to become Africa's biggest-ever share sale.
The refinery plans to offer 4.1 billion ordinary shares at N525 per share, with the potential to raise approximately N2.15 trillion if fully subscribed. The SEC has also registered 120.13 billion existing ordinary shares, implying a company valuation of about $47 billion, according to calculations cited by Reuters. The IPO is expected to open on September 14, with Vetiva Advisory Services as lead issuing house.
Dangote Group's majority shareholder, Aliko Dangote, said proceeds from the share sale will support the refinery's plans to more than double its current capacity from 650,000 barrels per day to 1.4 million barrels per day. Nigeria's seaborne refined petroleum exports to Europe surged by approximately 767 percent to 130,000 barrels per day in Q2 2026, compared with 15,000 barrels per day in 2023, driven largely by increased production from the Dangote Refinery. Ahead of the listing, the refinery raised $750 million via its debut Eurobond issuance and secured a $1 billion underwriting facility in August.