By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
Lagos, Nigeria – September 8, 2026
DDNewsOnline
Dangote Petroleum Refinery and Petrochemicals has signed the necessary documents for its planned ₦2.15 trillion Initial Public Offering (IPO), a deal that is expected to become Africa’s largest-ever share sale if fully subscribed.
The company plans to offer 4.1 billion ordinary shares at ₦525 each. The offer is scheduled to open on September 14 and close on October 13, 2026. If all the shares are sold, the exercise could raise about ₦2.15 trillion.
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The IPO is targeting up to 10 million retail investors, with the minimum subscription set at 10 shares for ₦5,250. Subscriptions will be available electronically through banks, fintech companies, stockbrokers and other financial platforms.
Speaking at the signing ceremony, Mohammed Mustapha Bintube, Sharia Adviser and Chairman of Jaiz Bank, said the refinery had been reviewed and found to meet Islamic financial standards.
“We looked at the activities of the company. It is a refinery and petrochemical company, and it is Sharia-compliant. We are using the AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions).
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“We looked at the company itself. Refining is permissible; it is allowed. It is not harmful to society.”
Dangote Group President, Aliko Dangote, said the company wants to give more people, including its workers and ordinary Nigerians, the opportunity to become shareholders.
The share sale comes as the refinery prepares to expand its production capacity from about 700,000 barrels per day to 1.4 million barrels per day. The company says the expansion is already funded, with completion expected in 2028.
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The refinery has also recorded a significant turnaround in its financial performance. It posted an after-tax profit of $1.82 billion in the first half of 2026, compared with a $476 million loss in the same period of 2025.
Located in Lagos, the facility was built at an estimated cost of about $20 billion. It currently supplies refined petroleum products to Nigeria and also exports to other markets.
Analysts say the IPO could broaden retail participation in Nigeria’s capital market and give the public a chance to own shares in one of Africa’s biggest industrial projects. However, the success of the offer will ultimately depend on market conditions, investor confidence and the company’s ability to sustain its recent financial improvement.
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