…Nigerians to buy shares with BVN as offer opens September 14
The Dangote Petroleum Refinery and Petrochemicals has unveiled plans to attract up to 10 million investors to its landmark Initial Public Offering, in what could become one of the most significant retail investment drives in Nigeria’s capital market.
The refinery is seeking to raise approximately ₦2.15 trillion ($1.6 billion) through the offer, with 4.1 billion ordinary shares priced at ₦525 each.
The offer is scheduled to open on September 14 and close on October 13, 2026, according to the latest information released around the transaction. Upon completion and receipt of all regulatory approvals, the shares are expected to be listed on the Main Board of Nigerian Exchange Limited.
The minimum subscription has been fixed at 10 shares, meaning an investor can participate with as little as ₦5,250.
The offer also includes an overallotment option of up to 30 per cent, providing room for additional shares if demand significantly exceeds the initial offer.
At the centre of the transaction is a technology driven subscription process integrated with the Bank Verification Number (BVN) system, which the company says is designed to make participation easier, more secure and more transparent for millions of Nigerians.
The company said the process would help remove some of the traditional barriers associated with equity investment and allow both first time investors and experienced market participants to participate.
The move is expected to significantly expand retail participation in Nigeria’s capital market, where major equity transactions have traditionally been dominated by institutional and high net worth investors.
Speaking at the IPO signing ceremony in Lagos, Aliko Dangote, Chairman of the Board of Directors of Dangote Petroleum Refinery and Petrochemicals and President of Dangote Industries Limited, described the transaction as a defining moment for the refinery, Nigeria and Africa.
Dangote said the offer was deliberately designed to ensure that ownership of the strategic asset was not restricted to wealthy investors.
“WHAT WE ARE TRYING TO DO IS TO MAKE SURE THAT THE MAJORITY OF OUR DRIVERS, OUR STAFF, OUR SERVANTS, OUR MANAGERS — EVERYBODY — WILL HAVE AN OPPORTUNITY TO HAVE A STAKE IN THIS COMPANY,” HE SAID.
He described the transaction as an “IPO for the people”, stressing that there would be no segregation between rich and poor in accessing the shares.
“THERE IS NO SEGREGATION ON WHO CAN OWN THESE SHARES. WE WANT EVERY HUMAN BEING LIVING ON THE CONTINENT TO BE PART OF THIS ACTION,” DANGOTE SAID.
The offer gives Nigerians the opportunity to own a stake in a refinery that has become central to the country’s petroleum supply chain and is already one of Africa’s largest industrial assets.
The company is also planning a major expansion that would take refining capacity to 1.4 million barrels per day, with Reuters reporting that the expansion is estimated at about $14.3 billion. The company reported an after tax profit of $1.82 billion in the first half of 2026, compared with a $476 million loss in the corresponding period of 2025. (Reuters)
Dangote said the IPO represented more than a capital raising exercise, arguing that wider African ownership of productive assets would help create wealth and strengthen the continent’s economic independence.
According to him, the project reflects the group’s broader ambition of accelerating Africa’s industrialisation and ensuring that Africans participate directly in the growth of businesses built on the continent.
With the minimum subscription set at ₦5,250, the IPO is likely to attract significant interest from ordinary Nigerians who have never previously invested in the stock market.
However, prospective investors will need to rely on the official offer documents and approved subscription channels, as participation in an IPO does not guarantee the full allotment of shares applied for.
The transaction is expected to test the depth of Nigeria’s retail investment market and could dramatically increase the number of Nigerians who directly own shares in a major industrial company.
