Dangote Refinery Goes Public: Nigerians Can Buy Shares From N5,250
For as little as 5,250 naira, ordinary Nigerians will soon have the opportunity to become part-owners of one of Africa’s biggest industrial projects as the Dangote Petroleum Refinery and Petrochemicals moves to raise about 2.15 trillion naira through an Initial Public Offering, IPO.
The public offer comprises 4.1 billion ordinary shares priced at 525 naira each, with investors allowed to start with a minimum of 10 shares.
The offer is scheduled to open on September 14 and close on October 13, 2026, in what is expected to be Africa’s largest-ever IPO.
The development means that Nigerians who previously could only watch the 700,000-barrel-per-day refinery from the sidelines will now have an opportunity to own a stake in the massive industrial facility.
Speaking at the signing ceremony for the offer in Lagos, President of Dangote Industries Limited, Aliko Dangote, said the low entry point was deliberately designed to widen participation in the ownership of the refinery.
Dangote described it as “the IPO for the people”, saying drivers, cooks, traders, domestic workers, managers and other ordinary Nigerians should have an opportunity to own shares in the business.
The businessman said the offer would raise just over two trillion naira to support the refinery’s expansion, which is expected to increase its capacity from 700,000 barrels per day to 1.4 million barrels per day.
The expansion programme is projected to cost about 14.3 billion dollars and is targeted for completion by 2029.
The refinery, which began operations in 2024 after an investment of about 20 billion dollars, has become a major player in Nigeria’s petroleum market and has also positioned the country as an exporter of refined petroleum products.
The IPO prospectus shows that the refinery recorded an after-tax profit of about 1.82 billion dollars in the first half of 2026, compared with a 476-million-dollar loss recorded for the whole of 2025.
The company is also targeting wider African participation, with reports indicating plans to attract millions of retail investors.
Dangote said the intention was not merely to raise money but to allow more people to participate in the wealth created by the refinery.
The official IPO platform currently lists the offer price at 525 naira per share, with the minimum subscription fixed at 10 shares or 5,250 naira.
It also warns investors to use only approved subscription channels and not to share their PINs, passwords or OTPs.
For many Nigerians, therefore, the refinery IPO represents more than another investment opportunity.
It offers ordinary citizens a chance, however small, to move from being consumers of the products of a giant industrial enterprise to becoming shareholders in the enterprise itself.
