Dangote Petroleum Refinery is set to take a major step towards public ownership today, Monday, September 7, with the signing of documents for its Initial Public Offering (IPO).
The signing ceremony is scheduled for 11am at Eko Hotels, Lagos, as Africa’s biggest industrial project moves closer to becoming a publicly traded company.
The refinery, founded by Africa’s richest man, Aliko Dangote, is targeting a valuation of about $50 billion and plans to offer up to a 10% stake, potentially raising around $5 billion.
The Securities and Exchange Commission (SEC) has approved the IPO, which involves the offer of 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer could raise approximately ₦2.15 trillion.
The SEC has also registered the refinery’s existing 120.13 billion ordinary shares as part of the IPO process.
With a capacity of 650,000 barrels per day, the Dangote Refinery has become a major player in Nigeria’s petroleum market, helping to reduce the country’s dependence on imported refined petroleum products.
Today’s signing marks another significant milestone in the refinery’s journey and could rank among the largest capital-market transactions in Nigeria’s history.
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