By Rasheeda Hamidu
The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, with the company set to offer 4.1 billion ordinary shares at N525 each.
The approval, announced on Friday, clears the way for the refinery’s planned entry into Nigeria’s capital market, with the offer expected to raise about N2.15 trillion if fully subscribed.
The SEC also registered the company’s existing 120.13 billion ordinary shares as part of the process, according to the Dangote Group.
The approval was conveyed in a letter to Vetiva Advisory Services Limited, the lead issuing house, and signed by Abdulkadir Abbas, Director of the SEC’s Securities and Investment Services Department.
The public offer is expected to open on 14 September 2026 and will include a 15 per cent greenshoe option, allowing the company to sell additional shares if demand exceeds the initial offer.
The development follows a private placement completed in July through which the refinery raised about $2.5 billion, with the transaction reportedly oversubscribed 3.7 times.
The IPO approval marks a change from June, when the SEC warned investors against unauthorised advertisements and solicitations relating to purported Dangote Refinery shares, saying at the time that no IPO application had been filed or approved.
The refinery plans to use the additional capital to support its expansion from its current 650,000 barrels-per-day capacity to about 1.4 million barrels per day, according to Reuters.
The planned offering could become one of Africa’s largest public offerings, with the scale of the transaction expected to attract significant interest from institutional and retail investors.
The development also comes as the refinery expands its role in Nigeria’s petroleum supply chain and increases its capacity to serve domestic and international markets.
The SEC approval allows the company to proceed with the remaining steps towards the public offer and planned listing on the Nigerian capital market.
For NatureNews, the development is significant not only for Nigeria’s capital market but also for the country’s energy landscape, as the refinery’s planned expansion could further reshape domestic refining and petroleum supply.
