Dangote Petroleum Refinery and Petrochemicals is targeting at least 10 million shareholders across Nigeria and Africa as it seeks to widen public participation in its ongoing Initial Public Offering (IPO).
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, disclosed the target while speaking about the company’s plan to make the public offer accessible to a broad range of investors.
The refinery’s IPO opened on September 14, 2026, offering 4.1 billion ordinary shares at ₦525 per share.
The minimum subscription is 10 shares, costing ₦5,250, while the offer is scheduled to close on October 13, 2026.
Dangote said the company wants ordinary Nigerians and other eligible investors across Africa to have an opportunity to become shareholders in the refinery.
“This is more than a capital-raising exercise,” Dangote said, describing the offer as an opportunity to widen participation in the ownership of a major industrial company.
The company is seeking participation from different groups, including civil servants, traders, professionals, entrepreneurs, cooperative societies, pension contributors and Nigerians in the diaspora.
The 10 million-shareholder target would give the refinery one of the largest individual investor bases associated with a major Nigerian public offer.
Dangote Refinery IPO
The company is seeking to raise about $1.6 billion through the public offer, which Reuters has described as Africa’s largest IPO.
The refinery has a stated processing capacity of 700,000 barrels per day, with plans to increase capacity to 1.4 million barrels per day.
Dangote also said retail and small investors would receive priority consideration if the IPO is oversubscribed.
This means investors should not assume that a large subscription will automatically result in the full number of shares requested. Allocation will be carried out according to the terms of the public offer.
How to buy Dangote Refinery shares
Eligible investors interested in the IPO can apply through the SEC-approved receiving agents and electronic application channels listed for the offer. Read: How to Buy Dangote Refinery Shares as a Retail Investor
The official IPO platform advises prospective investors to read the prospectus and understand the risks before subscribing.
The value of shares can rise or fall after listing, and investors are not guaranteed a return on their investment.
The offer remains open until October 13, 2026, unless otherwise stated in the offer documents.
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