The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.
The proposed share offering comprises 4.1 billion ordinary shares priced at ₦525 each, with the potential to raise approximately ₦2.15 trillion if fully subscribed.
The SEC also approved the registration of the company’s existing 120.13 billion ordinary shares.
The approval was conveyed in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the SEC’s Securities and Investment Services Department, Abdulkadir Abbas.
According to the Commission, the regulatory clearance covers the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony.
The approval marks a major milestone in the refinery’s journey towards becoming a publicly traded company and could significantly expand investor participation in one of Africa’s largest industrial projects.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex occupies approximately 2,635 hectares and houses an integrated refining and petrochemicals facility.
The refinery currently has a refining capacity of 700,000 barrels per day, making it the world’s largest single-train refinery. It also has a polypropylene plant with a production capacity of 900,000 tonnes per annum and a dedicated 435-megawatt power plant.
At full capacity, the refinery is designed to meet a substantial portion of Nigeria’s domestic demand for refined petroleum products while supplying international markets.
The facility is also undergoing an expansion programme expected to increase its refining capacity to 1.4 million barrels per day, which would make it the largest refinery in the world.
The complex is supported by extensive infrastructure, including a dedicated marine facility designed to improve logistics and freight efficiency.
It also features five Single Point Moorings (SPMs), reportedly the largest single order of its kind globally, alongside advanced processing technology designed to meet World Bank, United States Environmental Protection Agency (EPA), European emission standards and Nigerian regulatory requirements.
Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.
The refinery’s storage network consists of 177 tanks with a combined capacity of 4.742 billion litres.
With SEC approval secured, Dangote Petroleum Refinery is now positioned to proceed with a landmark public offering that could deepen Nigeria’s capital market and give investors an opportunity to participate directly in one of the country’s most significant industrial ventures.
