Nigeria: Dangote Refinery Sets Minimum Subscription for $1.6 Billion IPO

What the report says

Premium Times, distributed by AllAfrica, reported that Dangote Refinery has completed the approval process for the documents behind its planned $1.6 billion initial public offering, with the share sale expected to open on 14 September and close on 13 October. The refinery is owned by Aliko Dangote, who attended the sign-off ceremony in Lagos on Monday alongside advisers and other parties to the transaction.

According to the report, the offer is being positioned as Africa’s largest public equity sale and is intended to raise about N2.2 trillion. The minimum subscription was set at 10 ordinary shares, or N5,250, a level the company says is meant to make the issue accessible to retail investors. The IPO will involve 4.1 billion shares priced at N525 each, following approval from Nigeria’s Securities and Exchange Commission.

The refinery’s listing is expected to support plans to expand capacity from 700,000 barrels per day to 1.4 million barrels per day. The report also said the company has already raised $2.5 billion in a private placement from institutional investors and high-net-worth individuals, with strong demand suggesting additional appetite for the IPO.

The development matters because it could become a major test of investor interest in Nigeria’s capital market and a possible model for other large companies considering public listings. The article also noted discussion of possible future cross-border listings and broader regional investor interest.