The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for the company to raise approximately ₦2.15 trillion from the Nigerian capital market.
Under the approved offer, the refinery will issue 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offering would rank among the largest capital market transactions in Nigeria.
The approval was disclosed by the Dangote Group in a statement issued on Friday.
According to the group, the SEC also registered the company’s existing 120.13 billion ordinary shares as part of the IPO process.
“The proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed,” the statement said.
The regulatory approval clears the refinery’s draft offer documents and authorises it to proceed with its Completion Board Meeting and Signing Ceremony, marking another major step towards the public listing.
The approval was conveyed in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by Abdulkadir Abbas, Director of the Securities and Investment Services Department of the SEC.
The development comes shortly after refinery owner and President of Dangote Group, Aliko Dangote, disclosed that the IPO was expected to open within 10 to 12 days.
Located in Ibeju-Lekki, Lagos, the Dangote refinery currently has a production capacity of 700,000 barrels per day, making it one of the largest single-train refineries in the world.
The facility is also undergoing an expansion that is expected to double its capacity to 1.4 million barrels per day.
The refinery is supported by extensive infrastructure, including a self-sufficient marine facility, storage facilities and an integrated port capable of handling Panamax vessels, liquid cargo and roll-on/roll-off operations.
Its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres, while its marine infrastructure includes five Single Point Moorings.
Dangote has previously said the proposed IPO is aimed at broadening investment in the refinery and giving investors an opportunity to participate in one of Nigeria’s most significant industrial projects.
The offering is expected to further deepen the refinery’s integration into Nigeria’s capital market while providing investors with an opportunity to acquire an equity stake in the energy giant.
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