President of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally launch the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.
The ceremony, held on the trading floor of the NGX in Lagos, marked the first time a refinery has been offered on the Nigerian stock market in the Exchange’s 66-year history.
The IPO, which opened on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares offered at N525 per share.
The minimum subscription is 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Commenting on the launch of the IPO, Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, said: “The launch of this IPO marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security. Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians and investors across the continent to participate directly in its future growth and value creation.”
Commenting on DPRP’s growth ambitions, David Bird, Managing Director and Chief Executive Officer of DPRP, said: “DPRP has established itself as an integrated refining and petrochemicals platform serving domestic and regional markets. As we continue to execute our growth plans, including the ongoing expansion programme, this IPO represents an important step in the next phase of the Enterprise’s development and long-term ambitions.”
“The IPO is being led by Vetiva Advisory Services Limited as Lead Issuing House together with FirstCap Limited and Stanbic IBTC Capital Limited, and Chapel Hill Denham Advisory Limited, Absa Capital Markets Nigeria Limited, Afrinvest Capital Limited, CardinalStone Partners Limited, Comercio Partners Capital Limited, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, Cowry Asset Management Limited, Ecobank Development Company Limited, FCMB Capital Markets Limited, Finmal Finance Services Limited, First Ally Advisory Limited, FSDH Capital Limited, Futureview Financial Services Limited, Greenwich Capital Markets Limited, Meristem Capital Limited, Quest Merchant Bank Limited, Quantum Zenith Capital & Investments Limited, Rand Merchant Bank Nigeria Limited, Renaissance Securities (Nigeria) Limited, SCM Capital Limited, Tiddo Securities Limited and United Capital Plc as Joint Issuing Houses.
“The IPO’s legal workstreams are being led by Banwo & Ighodalo, acting as Solicitor to the Issuer, and AELEX and Olaniwun Ajayi LP, acting as Solicitors to the Offer.
“Buraq Capital Limited, acting as Shari’ah Adviser to the IPO, has expressed the opinion that on the basis of the information and representations reviewed, investment in the IPO is permissible under Shari’ah principles. Full details of the opinion are set out in the Prospectus.
“Investors may subscribe to the IPO through approved Receiving Agents and Financial Intermediaries including Electronic Application Channels and African Distribution Channels listed in the Prospectus in accordance with the terms and conditions set out the Prospectus and the official DPRP IPO microsite: ipo.dangote.com.
“The Prospectus contains detailed information regarding the Offer, including risk factors, application procedures, eligibility requirements and other material information. Prospective investors are encouraged to read the Prospectus carefully before making any investment decision.”