Aliko Dangote’s integrated refinery in Lagos has opened the largest share sale in Nigeria’s history, offering ₦2.15 trillion (approximately $1.5‑$1.6 bn) of new stock to the public. The offering, marketed as a “people’s IPO”, sets a minimum subscription of ₦5,250 per investor and targets up to 10 million retail participants across the country.
Offer details and underwriting
The price per share was fixed at ₦5,250, a figure confirmed by The Guardian Nigeria. The offering is being underwritten by a consortium that includes global banks and local institutions, as reported by Reuters and Bloomberg. Investors can subscribe through the Nigerian Stock Exchange’s electronic platform, and the minimum investment is equivalent to roughly $11 at current exchange rates. The Africa Report highlighted the ambition to enlist ten million small investors, dubbing the sale a “people’s IPO”.
Funding the expansion
Proceeds are earmarked for a massive expansion of the refinery’s capacity. The plant, already the continent’s largest with a 650,000‑barrel‑per‑day design, plans to double output to roughly 1.2 million barrels per day, according to marketscreener.com, which cites a $14 bn capital program. The additional capacity is expected to reduce Nigeria’s reliance on imported refined products, a chronic economic drain. Finimize noted that the IPO aims to fund this expansion while also strengthening the company’s balance sheet.
Strategic importance for Nigeria
Nigeria imports over 70 % of its refined petroleum, spending billions of dollars annually on foreign fuel. Dangote’s refinery, once fully operational, could satisfy up to 60 % of domestic demand, according to Energy Intelligence. The IPO therefore carries macro‑economic implications, potentially lowering fuel costs, generating jobs, and improving the nation’s trade balance.
Regulatory and market response
Regulators cleared the share sale after Dangote Refinery signed IPO documentation, a step described by CNBC Africa and Reuters as a “landmark” move for the market. The offering has been described as the biggest ever in Nigeria, surpassing previous high‑profile listings. Early investor appetite appears strong, with subscription windows filling quickly, though exact figures have not been disclosed.
"The IPO is being pitched as a ‘people’s IPO’ with a goal of attracting ten million retail shareholders across Africa," The Africa Report wrote.
Aliko Dangote, Africa’s richest businessman, has positioned the offering as both a financial and a nation‑building exercise. If fully subscribed, the capital raise would provide the refinery with the resources needed to execute its $14 bn expansion plan, potentially reshaping Nigeria’s energy landscape.
The share sale is scheduled to close in late October, with trading of the new shares expected to begin shortly thereafter on the Nigerian Stock Exchange. Analysts will watch the debut closely for signals about investor confidence in large‑scale industrial projects in Africa’s biggest economy.
