Dangote Refinery Secures SEC Approval for N2.15tn IPO
The proposed offer of 4.1 billion ordinary shares at ₦525 each could become one of the largest capital-market transactions in Nigeria’s history.
The Securities and Exchange Commission has approved the commencement of the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the way for a potential ₦2.15 trillion capital raise.
The proposed offering comprises 4.1 billion ordinary shares priced at ₦525 each. If fully subscribed, it would rank among the largest public offerings in the history of Nigeria’s capital market, according to a statement on Friday.
The approval was communicated in a letter to the lead issuing house, Vetiva Advisory Services Limited, and signed by the Director of the SEC’s Securities and Investment Services Department, Abdulkadir Abbas.
In addition to approving the new share offer, the commission registered the refinery’s existing 120.13 billion ordinary shares.
The regulatory clearance covers the company’s draft offer documents and authorises it to proceed with a Completion Board Meeting and Signing Ceremony—key steps toward formally launching the IPO.
The offering is expected to broaden investor participation in one of Africa’s most significant industrial assets and provide a major boost to Nigeria’s capital market.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex spans about 2,635 hectares. Its integrated refining and petrochemicals facility currently has a processing capacity of 700,000 barrels of crude oil per day, making it the world’s largest single-train refinery.
The complex also houses a polypropylene plant with an annual production capacity of 900,000 tonnes and is supported by a dedicated 435-megawatt power plant.
At full production, the refinery is designed to meet Nigeria’s demand for refined petroleum products while producing substantial volumes for export. An ongoing expansion is expected to double its capacity to 1.4 million barrels per day, which would position it as the world’s largest refinery by processing capacity.
The facility is supported by extensive marine and port infrastructure intended to improve logistics and freight efficiency. It has five Single Point Moorings and multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.
Its storage network comprises 177 tanks with a combined capacity of approximately 4.742 billion litres. The refinery also uses processing technology designed to comply with Nigerian requirements and international environmental standards, including those of the World Bank, the United States Environmental Protection Agency and European regulators.
With SEC approval secured, Dangote Petroleum Refinery is now positioned to advance one of Nigeria’s most consequential public offerings, potentially giving a wider pool of investors access to the country’s flagship refining and petrochemicals project.
