Dangote Refinery Launches $47 Billion IPO in Lagos

The Dangote Petroleum Refinery is set to hold an initial public offering (IPO) signing ceremony in Lagos, marking a major milestone in its journey to becoming a publicly listed firm. The event will take place at the Eko Hotel and Suites, Victoria Island, where the refinery will launch the offer of 4.1 billion ordinary shares priced at ₦525 per share.

The IPO represents the refinery's first public share offering since it was inaugurated in 2023 following nearly a decade of construction and an estimated $20 billion investment. The refinery has a nameplate capacity of 650,000 barrels of crude oil per day, making it Africa's largest single-train refinery.

The Securities and Exchange Commission (SEC) has approved the public offer, clearing the way for what the company described as one of the biggest capital market transactions in Nigeria's history. The funds raised from the IPO will be used to finance a major expansion of the refinery, with plans to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day.