Dangote Refinery IPO Gets SEC Approval At N525 Per Share

The Securities and Exchange Commission (SEC) has approved the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the way for the refinery to proceed with its planned public share offering.

Under the offer, 4.1 billion ordinary shares will be sold at N525 per share, potentially raising about N2.15 trillion if fully subscribed. The SEC has also registered the company’s existing 120.13 billion ordinary shares.

The approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by SEC Director of Securities and Investment Services, Abdulkadir Abbas. It clears the refinery’s draft offer documents and allows it to proceed with its Completion Board Meeting and Signing Ceremony.

Located in Ibeju-Lekki, Lagos, the Dangote Refinery currently has a production capacity of 700,000 barrels per day and is undergoing an expansion expected to raise capacity to 1.4 million barrels per day. The facility is supported by extensive marine, storage and processing infrastructure, including 177 storage tanks with a combined capacity of 4.742 billion litres.

Dangote had previously said the IPO was aimed at broadening investment in the refinery and could become one of Nigeria’s largest capital market transactions.

Meanwhile, the Aliko Dangote Foundation has signed an MoU with the Kano State Government to take over the management of the Aliko Dangote Skills Acquisition Centre in the state. The Foundation will run programmes focused on technical, digital and industrial skills for young people.

The development follows the completion of a similar skills acquisition centre in Ganaja, Kogi State, which is expected to be inaugurated soon.

MAN Kano-Jigawa Branch Chairman, Muhammad Bello Isyaku Umar, described the initiative as impactful, saying skills development could help address youth unemployment by preparing young people for entrepreneurship and employment.

Radio Kano Managing Director, Abubakar Adamu, also described the partnership as strategically important to Kano, stressing the need to equip the state’s large youthful population with skills that match current market demands.