Alhaji Aliko Dangote, GCON, President and Chief Executive Officer of Dangote Industries Limited, on Monday unveiled the terms of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, setting the minimum investment at ₦5,250.

The minimum subscription represents 10 ordinary shares at an offer price of ₦525 per share, giving ordinary Nigerians an opportunity to participate in the landmark equity offering.

The transaction, which is targeting approximately ₦2.15tn, is expected to be one of the largest equity offerings in Africa. The Securities and Exchange Commission has approved the offer, with the shares scheduled for listing on the Nigerian Exchange Limited (NGX).

Speaking at the signing ceremony in Lagos, Dangote said the offering represented a significant milestone for the refinery and the wider African capital market.

The offer is structured at a fixed price of ₦525 per share, with investors required to make full payment for their subscriptions.

The public offer is scheduled to run from September 14 to October 13, 2026, giving investors a month to participate in the transaction.

For retail investors, subscriptions will be facilitated electronically through approved fintech investment platforms and stockbrokers, while institutional investors will participate through the prescribed institutional application process.

The structure is designed to broaden ownership of the refinery beyond major institutional investors and provide retail participants with access to an asset that has become central to Nigeria’s downstream petroleum industry.

The offer is also structured to accommodate excess demand, with an oversubscription provision of up to 30 per cent, subject to the terms of the transaction.

The proposed ₦2.15tn fundraising comes as Dangote Refinery pursues an ambitious expansion programme. The refinery, which currently has a nameplate capacity of 650,000 barrels per day, is targeting an eventual expansion to 1.4 million barrels per day.

The refinery has also increasingly expanded its reach beyond Nigeria, exporting refined petroleum products into African and international markets.

Commenting on the transaction, Mr David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, is expected to highlight the significance of the offering in broadening participation in the refinery’s growth story and strengthening its position in the global energy market.

The transaction will be formally taken through the capital-market process ahead of the opening of the offer on September 14.

The Group Chief Financial Officer of Dangote Industries Limited, Murat Erden, is expected to give the closing remarks at the transaction ceremony, bringing together the company’s management, advisers and other stakeholders involved in the landmark offering.

The IPO marks a major development for Nigeria’s capital market, with the refinery’s proposed listing set to introduce one of the country’s most strategically significant energy businesses to the public market.

If fully subscribed, the base offer is expected to raise about ₦2.15tn. It has described the transaction as potentially Africa’s largest-ever share sale.