SEC Approves Dangote Refinery IPO, 4.1 Billion Shares to Be Offered at ₦525

The Securities and Exchange Commission (SEC) has approved the commencement of the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, marking a major step toward what could become one of the largest capital market transactions in Nigeria.

The approval was conveyed in a letter to Vetiva Advisory Services Limited, the Lead Issuing House for the offer. The letter was signed by Abdulkadir Abbas, Director of the SEC’s Securities and Investment Services Department.

According to the commission, the proposed offer consists of 4.1 billion ordinary shares priced at ₦525 per share. If the offer is fully subscribed, it could raise approximately ₦2.15 trillion. The SEC has also registered the company’s existing 120.13 billion ordinary shares.

The regulatory clearance allows the refinery to proceed with its Completion Board Meeting and Signing Ceremony, bringing the proposed public offering closer to the market.

The development could provide investors with an opportunity to participate in one of Nigeria’s largest industrial projects while also deepening the country’s capital market. The Dangote Refinery IPO is expected to attract significant attention because of the scale and strategic importance of the refinery.

Located in Ibeju-Lekki, Lagos State, the Dangote Refinery and Petrochemicals Complex covers about 2,635 hectares. The integrated facility currently has a refining capacity of 700,000 barrels of crude oil per day, making it the world’s largest single-train refinery.

The complex also includes a polypropylene plant with a production capacity of 900,000 tonnes per year and is supported by a dedicated 435-megawatt power plant.

At full production, the refinery is designed to meet a significant portion of Nigeria’s demand for refined petroleum products while also supplying international markets. An ongoing expansion is expected to increase its refining capacity to 1.4 million barrels per day.

The facility also features extensive infrastructure, including a dedicated marine facility, five Single Point Moorings and advanced processing systems designed to meet international environmental and regulatory standards.

Its port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo and roll-on/roll-off operations. The refinery’s storage network consists of 177 tanks with a combined capacity of about 4.742 billion litres.

With SEC approval now secured, Dangote Petroleum Refinery and Petrochemicals FZE can move ahead with the next stages of its planned public offering. The Dangote Refinery IPO could significantly expand public participation in the company and further strengthen Nigeria’s capital market.