Africa’s largest share offering goes live on Monday.
The Dangote Petroleum Refinery initial public offering opens for subscription on 14 September 2026 at an offer price of ₦525 per ordinary share, following approval from Nigeria’s Securities and Exchange Commission.
The offer covers approximately 4.1 billion ordinary shares. If fully subscribed, it could raise about ₦2.15 trillion, or roughly $1.6 billion, making it the largest initial public offering in African history.
The offer also carries an over-allotment option that could expand the deal by as much as 30 per cent, depending on demand.
Minimum investment is ₦5,250
The minimum subscription is 10 ordinary shares, or ₦5,250 before platform fees and any currency conversion charges.
That low entry point is deliberate. Billionaire Aliko Dangote has described the listing as an IPO “for the people,” and has opened participation to ordinary Africans for as little as $4 apiece through fintech platforms, rather than limiting the offer to institutional investors.
Demand had already approached $2 billion before the public window opened, according to market reports.
Debt cut before listing
The refinery entered the listing period from a stronger financial position.
Africa’s biggest oil refinery reduced its debt by $570 million to $5.7 billion during the year, as it raised output and sales ahead of the offering, Bloomberg reported.
Analysts say the debt reduction, combined with rising production, improves the balance sheet investors will be buying into.
Why the timing matters
The listing arrives as Nigeria’s fuel-import bill falls sharply and the country’s trade surplus doubles to $9.5 billion, driven by lower fuel imports and higher crude and raw-material exports.
For retail investors, the offer is the first chance to own a direct stake in the facility that has reshaped that trade picture.
Practical note for subscribers: interested investors should confirm the list of authorised offering platforms and payment channels with the issuer’s official offer website before transferring funds. LN247 advises caution against unverified subscription links circulating on social media.
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