“Drivers, Cooks, Servants Can Now Own Refinery” — Dangote Says 4.1 Billion Shares Offer Is For Ordinary Nigerians, Not Just Billionaires
President/Chief Executive of Dangote Industries Limited, Aliko Dangote, on Monday declared that the Initial Public Offering (IPO) of the 650,000 barrels per day Dangote Refinery will give ordinary Nigerians an opportunity to buy shares in the facility.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery”, he declared while delivering the opening speech at the signing ceremony in Lagos.
Chairman of Zenith Bank Jim Ovia and Chairman of Heirs Holdings Tony Elumelu were among financial experts that graced the historic ceremony at Eko Hotels.
The IPO will see the private refinery offer 4.1 billion ordinary shares of $0.000013 each for subscription at N525.00 per share, to raise about $1.6 billion.
The official application list opens on September 14, 2026, and will run for exactly 25 days, closing on October 9, 2026.
Investors can participate with a minimum of 100 ordinary shares valued at N52,500, and in multiples of 50 shares thereafter.
The ceremony marks the refinery’s first public offer since its inauguration in 2023 after nearly 10 years of construction and an investment of approximately $20 billion.
Located in the Lekki Free Zone, it has a capacity of 650,000 bpd, making it Africa’s largest single-train refinery.
The Securities and Exchange Commission approved the launch, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.
Proceeds are intended to fund expansion from 700,000 bpd to 1.4 million bpd, which would make it the largest operating oil refinery in the world, surpassing India’s Jamnagar complex. The capital raise follows a $2.5 billion private placement completed in July.
At N525 per share, market valuation stands at approximately $47 billion. If fully subscribed, the listing will increase total market capitalisation on the NGX by an estimated 30 to 40 per cent.
To attract buyers, the company has proposed paying dividends in US dollars, leveraging forex revenues from exports.
While the refinery currently meets more than 80 per cent of Nigeria’s domestic petrol demand, long-term returns remain tied to crude feedstock availability, export growth, and refining margins.
Data from Africa Finance Corporation indicates African nations spend over $230 billion annually on imported commodities, with refined fuel accounting for more than 70 per cent of regional consumption.
As part of its broader footprint, the group also plans to break ground on a 700,000-bpd coastal facility in Lamu, Kenya, on September 30.
