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Dangote Refinery announces ₦2.15 trillion IPO to fund expansion
Dangote Petroleum Refinery and Petrochemicals FZE is preparing for a historic Initial Public Offering (IPO) in Africa, aiming to raise approximately ₦2.15 trillion ($1.6 billion). The company plans to offer 4.1 billion ordinary shares at a price of ₦525 per share, with a minimum subscription of 10 shares. The subscription window is expected to run from September 14 to October 13, 2026.
In the first half of 2026, the refinery reported a significant financial turnaround, posting a net profit of $1.82 billion (approximately ₦2.5 trillion) on revenue of ₦19.13 trillion ($13.9 billion). This follows a full-year loss in 2025. The company’s production has stabilized, reaching a capacity of 700,000 barrels per day in June 2026.
Proceeds from the IPO are intended to fund an expansion project to increase refining capacity to 1.4 million barrels per day. To facilitate widespread participation, the refinery has approved 32 subscription channels, including 19 banks, 10 fintech companies, and two mobile network operators. Stanbic IBTC is serving as the Joint Lead Issuing House, Joint Stockbroker, and Receiving Bank for the transaction.
Entities
Aliko Dangote · CardinalStone Research · CardinalStone Securities · Chapel Hill Denham · Dangote Industries · Dangote Industries Limited · Dangote Petroleum Refinery & Petrochemicals FZE · Dangote Petroleum Refinery and Petrochemicals FZE · Dangote Refinery · Lagos · Lagos Stock Exchange · Nigeria
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 9 SOURCES] The IPO targets gross proceeds of approximately ₦2.15 trillion. gatmash.com · marketnewsng.com · afriqueconfidentielle.com · naijanewsfeeds.com · www.pulse.ci · +2 more
- [● 7 SOURCES] The subscription period is scheduled to run from September 14 to October 13, 2026. bitcoinethereumnews.com · marketnewsng.com · www.pulse.ci · thenews-chronicle.com · africa.businessinsider.com
- [● 6 SOURCES] The refinery reported $1.82 billion in net income for the first half of 2026. bitcoinethereumnews.com · businessamlive.com · marketnewsng.com · dmarketforces.com · thenews-chronicle.com
- [● 10 SOURCES] The company is offering up to 4.1 billion ordinary shares at ₦525 per share. gatmash.com · afriqueconfidentielle.com · bitcoinethereumnews.com · marketnewsng.com · www.pulse.ci · +3 more
- [● 3 SOURCES] CardinalStone estimates the refinery's market capitalization at ₦77.7 trillion. marketnewsng.com · thenews-chronicle.com
- [● 6 SOURCES] The IPO proceeds are intended to fund an expansion to increase refining capacity to 1.4 million barrels per day. gatmash.com · marketnewsng.com · bitcoinethereumnews.com · thenews-chronicle.com · savana.co.mz
- [● 2 SOURCES] The Nigerian equities market saw a decline of ₦1.879 trillion as investors repositioned portfolios ahead of the IPO. dailytrust.com
- [● 8 SOURCES] The minimum subscription for the IPO is 10 shares. gatmash.com · bitcoinethereumnews.com · marketnewsng.com · naijanewsfeeds.com · africa.businessinsider.com · +2 more
- [○ 1 SOURCE] The IPO offer price is set at N525 per share with a minimum subscription of 10 shares. newtelegraphng.com
- [○ 1 SOURCE] Proceeds from the IPO will be used to fund the refinery's expansion programme. newtelegraphng.com
- [● 2 SOURCES] Stanbic IBTC is serving as the Joint Lead Issuing House, Joint Stockbroker, and Receiving Bank for the transaction. topcelebrities.com.ng · www.thegallantnews.com.ng
- [● 2 SOURCES] The refinery has approved 32 channels for IPO subscriptions, including 19 banks, 10 fintechs, and two mobile network operators. phenomenal.com.ng · businesselitesafrica.com