Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has assured investors that the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE is a strong opportunity for returns and wealth creation.
Speaking at the Nigerian Exchange (NGX) in Lagos, Dangote described the $1.6 billion offer as the largest IPO in Africa. He emphasized the company’s commitment to broadening ownership and enabling millions to benefit from a world-class industrial enterprise.
A Transformational Opportunity for Investors
Dangote stated that the refinery IPO is more than a capital-raising exercise. It’s a chance for investors to own a strategic asset already delivering strong operational and financial results.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset,” he said.
The refinery has transformed Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand and serving markets across Africa and beyond.
Broad Participation and Financial Strength
The IPO has been structured to encourage broad participation, with 4.1 billion ordinary shares offered at N525 per share and a minimum subscription of just 10 shares valued at N5,250.
The offer is expected to attract a diverse range of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds, and members of the Nigerian diaspora.
Dangote disclosed that the company generated approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax reached N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.
At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalization of approximately N65.22 trillion. Together with the market capitalizations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.
A Milestone for Africa’s Capital Markets
Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe and continues to maintain safe, reliable, and efficient operations.