Dangote Petroleum Refinery and Petrochemicals FZE has secured approval from the Securities and Exchange Commission (SEC) for its planned initial public offering (IPO), with the shares priced at N525 each.
Gatekeepers News reports that Dangote Group disclosed the development on Friday, marking a major step towards the refinery’s planned entry into Nigeria’s capital market.
The offer is expected to raise about $1.5 billion, with the company planning to offer approximately 4.1 billion shares at N525 per share, according to people familiar with the transaction cited by Reuters. The IPO is scheduled to open on September 14, 2026, and will reportedly include a 15 percent greenshoe option that could allow the company to raise additional funds if the offer is oversubscribed.
The funds are expected to support the refinery’s expansion plans. Dangote has said the company intends to increase the refinery’s capacity from its current 650,000 barrels per day to 1.4 million barrels per day.
The development follows the refinery’s successful private placement completed in July, through which it raised about $2.5 billion. The private placement was reportedly oversubscribed 3.7 times.
The SEC approval also represents a significant change from June, when the regulator warned investors about unauthorised advertisements for purported Dangote Refinery shares and said no IPO application had been filed or approved at the time.
The proposed IPO is expected to be one of the biggest public offerings in Africa and is being closely watched by investors and participants in Nigeria’s capital market.
