The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, with the company offering 4.1 billion ordinary shares at ₦525 per share.
The offer is expected to raise approximately ₦2.15 trillion if fully subscribed. The SEC has also registered the refinery’s existing 120.13 billion ordinary shares as part of the IPO process.
The regulatory approval clears the way for the company to proceed with the next stages of the offering, including the Completion Board Meeting and Signing Ceremony.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery currently has a production capacity of 700,000 barrels per day, with an expansion underway that is expected to increase capacity to 1.4 million barrels per day.
The proposed IPO is expected to broaden investment opportunities in the refinery and could become one of the largest capital market transactions in Nigeria.
