BREAKING: Dangote Opens Refinery Ownership To All Nigerians With N5,250 Minimum Subscription

Dangote Refinery has set the minimum subscription for its proposed Initial Public Offering (IPO) at N5,250.

The chief executive officer of Dangote Group, Alhaji Aliko Dangote announced that Nigerians can buy into Dangote Petroleum Refinery and Petrochemicals FZE with as little as 10 ordinary shares priced at N525 each.

Speaking at the signing ceremony for the IPO in Lagos, Dangote said investors can subscribe with a minimum of 10 ordinary shares priced at N525 each.

“In this IPO, we intend to raise just a bit more than N2 trillion, which I am sure is too small, at an offer price of N525 with a minimum subscription of only 10 shares (N5,250) to fund our expansion of the refinery,” Dangote said.

The proposed offer comprises 4.1 billion ordinary shares and is targeting N2.15 trillion to support the next phase of expansion at the 650,000 barrels-per-day refinery in Lekki.

Dangote said the fundraising was not just about capital, but about inclusion.

He described the offering as the IPO for the People and stressed that it was designed to give ordinary workers and Nigerians across the continent a chance to own part of the mega-project.

“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action,” Dangote added.

He explained that the pricing was deliberately kept low to encourage participation and help Nigerians build long-term savings through equity ownership.

The announcement comes days after the Securities and Exchange Commission approved the IPO on September 5, 2026 clearing the way for the public offer.

The refinery has been raising capital ahead of the listing. In July, 2026 it raised $2.5 billion through a private placement. In August, it secured a $1 billion underwriting programme made up of a funded $600 million placement and a $400 million commitment.

The Dangote Refinery has become central to Nigeria’s fuel supply. It was reported in May that the plant supplied 41.5 million litres of petrol per day at 101.25 per cent capacity utilisation.

It has also expanded exports, shipping 456,000 tonnes of refined products through 12 cargoes to Côte d’Ivoire, Cameroon, Tanzania, Ghana and Togo.

With the IPO, Dangote is seeking to convert the refinery from a private megaproject into one of the most widely held companies on the Nigerian Exchange.