Dangote Refinery Gets SEC Approval for ₦2.15 Trillion IPO, One of Nigeria’s Largest Share Offers

The Securities and Exchange Commission has given approval for Dangote Petroleum Refinery and Petrochemicals FZE to begin its Initial Public Offering. The approval was contained in a letter sent to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by Abdulkadir Abbas, Director of Securities and Investment Services at the SEC.

According to the commission, the IPO will offer 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer could raise about ₦2.15 trillion. The SEC also registered the company’s existing 120.13 billion ordinary shares.

With this clearance, the refinery can now proceed to its Completion Board Meeting and Signing Ceremony. The approval is seen as a major step in the IPO process and opens the door for Nigerians and other investors to own shares in one of Africa’s biggest industrial projects.

The Dangote Refinery and Petrochemicals Complex is located in Ibeju-Lekki, Lagos, on about 2,635 hectares of land. The facility currently refines 700,000 barrels of crude oil per day, making it the largest single-train refinery in the world. It also has a 900,000 tonnes per year polypropylene plant and a dedicated 435-megawatt power plant.

When operating at full capacity, the refinery is expected to meet Nigeria’s demand for refined petroleum products and export the surplus. An ongoing expansion is planned to raise capacity to 1.4 million barrels per day, which would make it the largest refinery in the world.

The complex also has strong supporting infrastructure. This includes a self-sufficient marine facility, the world’s largest order of five Single Point Moorings, and port infrastructure that can handle Panamax vessels, liquid cargo and roll-on roll-off operations. Storage facilities include 177 tanks with a combined capacity of 4.742 billion litres.

The refinery uses advanced processing technology that meets standards set by the World Bank, US Environmental Protection Agency, European emission regulations and Nigerian authorities.

Industry watchers say the IPO will deepen Nigeria’s capital market and give more investors a chance to participate in a project that is central to the country’s energy and industrial plans.