Nigeria’s capital market witnessed a surge in investor activity on Monday as the Dangote Petroleum Refinery and Petrochemicals public offer opened, with large numbers of investors rushing to subscribe for shares in the landmark offer.
The ₦2.15 trillion public offer involves 4.1 billion ordinary shares priced at ₦525 each, with investors allowed to subscribe for a minimum of 10 shares, worth ₦5,250. The offer is scheduled to run from September 14 to October 13, 2026.
The strong demand created heavy traffic on some digital investment platforms as retail investors attempted to place their orders. Reports said Bamboo experienced login difficulties during the rush, highlighting the level of interest generated by the refinery’s entry into the public market.
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The Securities and Exchange Commission had earlier advised prospective investors to use only officially approved subscription channels and to verify the registration of investment platforms before making payments. The regulator also warned investors against unsolicited messages, websites and individuals promising share allotments or preferential treatment.
The offer is being promoted as an opportunity to widen public participation in one of Nigeria’s most important industrial assets. The refinery, located in Lagos, currently processes about 700,000 barrels of crude oil per day and is seeking to raise funds to support its planned expansion.
The refinery reported a net profit of $1.82 billion in the first half of 2026, compared with a $476 million loss recorded in the corresponding period of the previous year. Its strong financial performance has added to investor interest in the public offer.
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The Dangote Refinery public offer is being described as Africa’s largest initial public offering, with the shares expected to be listed on the Nigerian Exchange after the offer closes. The transaction represents a major development for Nigeria’s capital market by opening part ownership of the refinery to retail and institutional investors.
As the subscription period continues, investors are expected to closely monitor demand for the shares, the eventual allocation and the refinery’s performance as it expands its operations. The Securities and Exchange Commission has urged investors to read the approved prospectus and understand the risks before subscribing.
By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com