The Securities and Exchange Commission has approved the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, with the company offering 4.1 billion ordinary shares at ₦525 each.
The offer could raise approximately ₦2.15tn if fully subscribed, according to a statement issued by the Dangote Group on Friday.
The development comes shortly after PUNCH Online reported that the refinery’s owner, Aliko Dangote, had said the IPO would open within 10–12 days.
The SEC’s approval now clears the way for the next stages of the offering.
The statement read, “According to the Commission, 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. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.
“The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.”
The group said the approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
The SEC also registered the refinery’s existing 120.13 billion ordinary shares as part of the process.
The proposed offer will give investors an opportunity to acquire shares in one of Nigeria’s largest industrial projects, as the refinery moves towards becoming a publicly traded company.
Located in Ibeju-Lekki, Lagos, the Dangote refinery currently has a capacity of 700,000 barrels per day.
The facility is also undergoing an expansion expected to increase its capacity to 1.4 million barrels per day.
“The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency. It also holds the world’s largest single order of five Single Point Moorings (SPMs) and incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency (EPA), European emission standards, and Nigerian regulatory requirements.
“Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres,” the statement added.
Dangote had previously said the proposed IPO was part of efforts to broaden investment in the refinery, with the offering expected to be one of the largest capital market transactions in Nigeria.