N2.2 trillion IPO: Dangote Refinery Targets 10 million Subscribers

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… Nigerians to Buy Shares Using BVN

The Dangote Petroleum Refinery and Petrochemicals (DPRP) landmark Initial Public Offering (IPO) valued at approximately ₦2.15 trillion (US$1.6 billion) is targeting participation of up to 10 million Nigerian investors through a secure and technology-driven subscription process integrated with the nation’s Bank Verification Number (BVN) system.

The offer, scheduled to open on September 14, 2026, is expected to be one of the largest equity offerings in Nigeria’s capital market history.

To accommodate strong investor interest, the transaction includes an overallotment option of up to 30 percent of the offer size. Upon completion of the offering and receipt of all regulatory approvals, the company’s shares will be listed on the Main Board of Nigerian Exchange Limited (NGX).

Designed to broaden participation in wealth creation and deepen Nigeria’s capital market, the public offer provides millions of Nigerians with a unique opportunity to acquire ownership stakes in one of Africa’s most strategic industrial assets. The BVN-integrated subscription platform will enable investors across the country to participate seamlessly, securely and transparently, removing many of the traditional barriers to equity investment.

Speaking at the IPO Signing Ceremony, Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the transaction as a defining moment for the company and the continent.

“Today’s signing ceremony 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…