Dangote Refinery IPO Date Announced
The Initial Public Offering (IPO) for the Dangote Refinery has been officially scheduled for September 2026, as confirmed by Aliko Dangote, President and Chief Executive of the Dangote Group. The announcement came during a tour of the refinery complex in Lagos on Wednesday, May 20, led by Chairman Femi Otedola and senior executives of First HoldCo and its subsidiaries.
Dangote stated, "We are trying to make sure that by September, we'll be out there in the market to sell the IPO." The 650,000-barrels-per-day refinery, valued at up to $50 billion, is expected to list up to 10% equity, potentially making it Africa's largest stock market deal.
Investor Interest Surges Ahead of IPO
Even before the official offer opens, investor interest has skyrocketed, approaching $2 billion. Dangote revealed, "Right now, when we even say we are going to do a private placement, already we have people who have actually requested to buy. And we have an amount of almost $2 billion." Allocations will be divided between private placement and the IPO, aiming for massive public ownership.
Dangote emphasized the goal of allowing a larger percentage of Nigerians to invest: "Our target really is to get the larger part of the society to buy." He compared the refinery's potential to tech giants like Amazon and Apple, stating, "All those people, everybody has become a millionaire. And that's what we want to bring into Africa."
Femi Otedola Commits $100 Million
Femi Otedola has announced plans to invest up to $100 million in the refinery through private placement before the public offering. He said, "I had asked him... I've spent 25 visits with him, so my compensation to him is, he will allot me share of a value of 100 million dollars in private placement." Otedola added that this is why he sold his shares in Geregu and invested the profit in the Dangote Refinery IPO.
How to Buy Dangote Refinery Shares
Since the IPO has not yet begun, investors have time to prepare. Follow these steps:
- Register on the NGX platform: Create an investor profile on the Nigeria Exchange Group portal.
- Get a brokerage account: Open an account with SEC-registered platforms like Bamboo, Afrinvest, Meristem, or others.
- Obtain a CSCS number: Get your Central Securities Clearing System number from your broker.
- Link CSCS to NGX account: Attach your CSCS number to your investor account on NGX.
- Subscribe at IPO opening: When the IPO opens, look for "Available Offers" on the NGX platform or brokerage apps to subscribe.
Refinery IPO as a Wealth Creation Opportunity
Dangote stressed that the initiative aims to allow all Nigerians to benefit from the refinery's future growth. The refinery, which processes 650,000 barrels per day, is already gaining global popularity. The CEO noted, "What we are trying to do is actually bringing in people when it is at this low level and for them to have an upside."
In related news, Clarivo Oil and Gas Ltd has announced plans to build a world-class refinery in Calabar, expected to come online within five years, pending regulatory approvals.
