Dangote Refinery Launches ₦2.15tn IPO, Set for September 14 NGX Listing
Korede Abdullah 
LAGOS, Nigeria- Dangote Refinery has received regulatory approval to launch a ₦2.15 trillion Initial Public Offering (IPO), paving the way for one of the biggest listings in the history of the Nigerian Exchange (NGX).
In a statement on Monday, the public offer, comprising 4.1 billion ordinary shares priced at ₦525 each, is expected to culminate in the refinery’s listing on September 14, a move analysts say could significantly boost the Nigerian stock market’s capitalisation while opening Africa’s largest refinery to public investors.
To attract both local and foreign investors, Dangote Refinery also plans to pay dividends in United States dollars, leveraging foreign exchange earnings from exports of refined petroleum products and petrochemicals to cushion investors against naira volatility.
The refinery currently supplies over 80 per cent of Nigeria’s domestic petrol demand and has significantly reduced the country’s dependence on imported refined petroleum products. However, analysts note that future profitability will depend on crude oil supply, refining margins, and export demand.
Beyond Nigeria, Dangote Group is also expanding its refining footprint across Africa, with plans to commence construction of a 700,000-barrel-per-day coastal refinery in Lamu, Kenya, later this month.
According to the Africa Finance Corporation, African countries spend more than $230 billion annually on imported commodities, with refined petroleum products accounting for over 70per centt of the continent’s fuel consumption. Dangote Group says its integrated refining and petrochemical investments are aimed at reversing this trend by boosting local production and positioning Nigeria as a major exporter of refined petroleum products.
Industry stakeholders say the September 14 listing will serve as a major test of investor confidence in Nigeria’s capital market and the country’s industrialisation agenda.
About the Author
Mirian Gom 
Hope Ajayi 