Dangote refinery to launch US$1.6 billion IPO
Dangote Petroleum Refinery & Petrochemicals will open an initial public offering on Sept 14, selling shares at 525 naira each with a 10-share minimum and a potential raise of 2.15 trillion naira (US$1.6 billion). The offer, which closes Oct 13, is designed to attract up to 10 million shareholders across Africa and to encourage retail participation. Part of the proceeds will fund further refinery expansion that could make the plant the world’s largest by 2028, while the company also plans tank farms and pipeline projects and regional expansions into Ethiopia, Kenya, Tanzania and Namibia.
Shares offered at 525 naira with a 10-share minimum
Context
The refinery began operations in 2024 and is already a large single-train plant. The company will start the IPO on Sept 14 and close it on Oct 13. The funds will partly finance expansion and regional projects.
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