Dangote Starts Selling Refinery Shares To Nigerians At ₦525 

Dangote Petroleum Refinery and Petrochemicals has commenced its public offer on the Nigerian Exchange (NGX), with 4.1 billion new ordinary shares available to investors at N525 each.

Dangote Industries Limited President and Chief Executive Officer, Aliko Dangote, formally opened the offer on Monday by ringing the opening bell at the NGX trading floor in Lagos.

The N2.15 trillion offer marks the first time a refinery is being offered to investors on the Nigerian stock market in the NGX’s 66-year history.

The offer is open to retail and institutional investors, as well as eligible investors across Africa. Individuals can subscribe for a minimum of 10 shares, requiring N5,250 at the offer price.

The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the prospectus.

Dangote calls it ‘People’s IPO’

Speaking at the ceremony, Dangote described the offer as a move to expand public participation in the ownership of companies under the Dangote Group.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.

“It’s not only about the refinery,” he said.

Dangote also disclosed that the group plans to list more of its companies on the Nigerian Exchange.

“We, as a group, will list every single company that will operate,” he said.

He added that the group could pursue listings on other international exchanges from Nigeria, while describing the country and Africa as the foundation of its expansion.

“From this exchange, then we can go to any other place.

“So, Nigeria and Africa is our base. We want to make sure that we join our continent,” Dangote said.

Major milestone for Nigeria’s capital market

The public offer allows Nigerians and other eligible investors to acquire an equity stake in the Dangote Refinery, located in the Lekki Free Zone, Lagos.

The refinery has been positioned as a major project in Nigeria’s effort to expand domestic refining capacity and reduce reliance on imported petroleum products.

The ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, President and Chairman of the Nigerian Exchange Group, Umaru Kwairanga, Ooni of Ife Oba Adeyeye Enitan Ogunwusi, Zenith Bank founder Jim Ovia, and other business and capital market leaders.