Dangote Refinery Targets ₦2.15tn in Record-Breaking ₦525-Per-Share IPO

Dangote Petroleum Refinery is reportedly preparing for an initial public offering on the Nigerian Exchange, with shares priced at ₦525 each. The order book is expected to open on September 14, 2026. The company plans to sell 4.1 billion ordinary shares, which could raise about ₦2.15 trillion, or roughly $1.6 billion. If completed, it could become the largest IPO in African capital-market history. The offer is expected to include a 15% greenshoe option, allowing more shares to be sold if demand is strong. The planned listing follows a reported $2.5 billion private placement that valued the refinery at about $40 billion.

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