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The Securities and Exchange Commission (SEC) has approved the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, allowing the company to offer shares to investors.
The Dangote Group said the regulator has approved the sale of 4.1 billion ordinary shares at N525 per share, with the offer expected to raise about N2.15 trillion if fully subscribed.
The company described the transaction as a potential landmark in Nigeria’s capital market, saying it could become one of the largest public offerings in the country’s history.
“The approval was conveyed in a letter 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 refinery said in a statement.
According to the company, the SEC’s approval covers the draft offer documents and authorises the refinery to proceed with its Completion Board Meeting and Signing Ceremony, marking another stage in the IPO process.
The refinery said the approval would provide investors with an opportunity to participate in one of Nigeria’s largest industrial assets while supporting further growth in the country’s capital market.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex occupies about 2,635 hectares and houses a 700,000 barrels per day refining facility, which the company describes as the world’s largest single-train refinery.
The complex also includes a 900,000-tonne-per-annum polypropylene plant and a dedicated 435-megawatt power plant.
“At full production, the refinery is designed to satisfy Nigeria’s domestic demand for refined petroleum products while generating substantial volumes for export markets,” the company said.
Dangote Refinery added that an expansion project is expected to increase capacity to 1.4 million barrels per day, positioning the facility as the largest refinery globally. The company had earlier announced the completion of a $1 billion underwriting programme for the planned IPO on August 18.
Speaking on Thursday, Aliko Dangote, chief executive officer of Dangote Group, said the refinery’s IPO would open to investors within the next 10 to 12 days.
With SEC approval secured, the company is moving closer to listing a major industrial venture expected to attract wider investor participation and deepen Nigeria’s capital market.
