1. The Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE

   has opened, with the company seeking to raise about ₦2.15 trillion from investors as it moves to broaden public ownership of the multi-billion-dollar refinery.

The offer comprises 4.1 billion ordinary shares priced at ₦525 per share, with investors able to subscribe for a minimum of 10 shares valued at ₦5,250.

The offer opened on September 14, 2026, and is scheduled to close on October 13, providing retail and institutional investors, as well as eligible African investors, an opportunity to acquire a stake in the refinery.

The proceeds are expected to provide growth capital for the company’s expansion programme and support the continued development of its operations.

The IPO is also expected to deepen activity in Nigeria’s capital market by bringing one of the country’s largest industrial projects to a wider pool of investors.

The company’s Chief Executive Officer, David Bird, said the refinery was targeting 10 million retail subscribers, a figure that would surpass the number of retail investors recorded during Saudi Aramco’s landmark 2019 IPO.

The Dangote Refinery is expected to be listed on the Nigerian Exchange following the completion of the offer.

Stanbic IBTC is acting as Joint Lead Issuing House, Joint Stockbroker and Receiving Bank for the transaction.

Eligible investors can subscribe through designated electronic subscription channels, while the Securities and Exchange Commission has advised prospective investors to use approved platforms and carefully review the IPO prospectus before investing.