Overview
- The company and advisers signed IPO registration documents in Lagos on Monday, clearing the way for a public order book that opens on September 14 and closes on October 13.
- The offer comprises 4.1 billion ordinary shares priced at ₦525 each, targeting about ₦2.15 trillion (roughly $1.6 billion) with a greenshoe option for extra demand.
- The sale is designed for mass retail participation with a minimum subscription of 10 shares (₦5,250) and a stated goal of attracting up to 10 million African shareholders.
- Dangote disclosed a $14.3 billion expansion in the IPO prospectus to double current throughput from roughly 650,000–700,000 bpd to 1.4 million bpd by about 2029 and will use proceeds toward that buildout.
- The refinery has already raised large pre-IPO funding, drawn reported approaches from strategic investors including ADNOC, and the listing could lift NGX market capitalisation while exposing the project to crude-price, naira and execution risks.