The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals FZE, setting the offer price at ₦525 ($0.40) per share. The Dangote Group announced the approval in a statement on Friday, September 4.

The proposed sale covers 4.1 billion ordinary shares, with the potential to raise approximately ₦2.15 trillion if fully subscribed, making it one of the largest capital market transactions in Nigeria’s history.

“The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process,” part of the statement reads.

In addition to the new offering, the commission has registered the refinery’s existing 120.13 billion ordinary shares.

Speaking earlier on Thursday, September 3, Aliko Dangote said the IPO would open within the next 10 to 12 days, putting the starting date between September 13 and September 15. 

The announcement follows the completion of a $1 billion underwriting programme on August 18, signalling strong institutional confidence ahead of the public offer.

What ₦525 actually means for young Nigerians

The share price is the detail that changes everything.

At ₦525 a share — less than the cost of most Internet data bundles — the Dangote IPO is not a rich man’s play. It is one of the rare moments where the entry barrier is low enough for a corps member, a student, or a first-time investor to participate in a historic event.

Dangote has also confirmed that shareholders can receive dividends in US dollars, since the refinery earns foreign currency. For a generation that has watched the naira fall from ₦155 to over ₦1,500 to the dollar in a decade, that offering means your returns are shielded from devaluation; essentially a domiciliary account, in equity form.

Fintech platforms like Trove, Bamboo, and Cowrywise — which have already driven an 88% surge in retail trading among young Nigerians — are expected to facilitate access to the offering. 

The refinery supplies more than 80% of Nigeria’s petrol and is projected to save the country $10 billion annually in foreign exchange. This is not a startup bet; it is a running machine and the window to own a piece of it is days away.

Located in Ibeju-Lekki, Lagos, the refinery sits on approximately 2,635 hectares and currently operates at 700,000 barrels per day — the largest single-train refinery in the world — alongside a 900,000 tonnes per annum polypropylene plant powered by a dedicated 435-megawatt power plant. An ongoing expansion is expected to double capacity to 1.4 million barrels per day, which would position it as the world’s largest refinery, according to the Dangote Group statement.