Dangote Petroleum Refinery set for landmark IPO following SEC approval
SEC Approves IPO for Dangote Petroleum Refinery, Potentially Raising ₦2.15 Trillion
By Udeme Akpan
The Securities and Exchange Commission (SEC) has formally approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, marking a significant milestone for one of Nigeria’s largest capital market ventures.
The approval, which was communicated via a letter to Vetiva Advisory Services Limited, the lead issuing house, was signed by Abdulkadir Abbas, Director of the SEC’s Securities and Investment Services Department.
The proposed offering will consist of 4.1 billion ordinary shares priced at ₦525 each, with expectations that the IPO could raise approximately ₦2.15 trillion if fully subscribed. In addition to the new shares, the SEC has registered the company’s existing 120.13 billion ordinary shares.
This regulatory clearance not only validates the refinery’s draft offer documents but also empowers the company to move forward with its Completion Board Meeting and Signing Ceremony, thus advancing the IPO process.
The SEC’s approval is poised to unlock investment opportunities in one of Africa’s key industrial assets and is expected to enhance Nigeria’s capital market landscape.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex spans approximately 2,635 hectares and features a state-of-the-art integrated facility for refining and petrochemical production. The complex boasts a refining capacity of 700,000 barrels per day, making it the largest single-train refinery globally, alongside a polypropylene plant with a capacity of 900,000 tonnes per annum. A dedicated 435-megawatt power plant supports the facility’s operations.
At full capacity, the refinery is designed to meet Nigeria’s domestic demand for refined petroleum products while also providing significant volumes for export. Expansion plans are underway to increase production capacity to 1.4 million barrels per day, which would further position it as the world’s largest refinery.
Additionally, the refinery features an extensive infrastructure network, including a self-sufficient marine facility that enhances logistics and freight efficiency. It is equipped with the world’s largest single order of five Single Point Moorings (SPMs) and employs advanced processing technology that complies with environmental standards set by the World Bank, U.S. Environmental Protection Agency (EPA), and European emission regulations, in addition to Nigerian requirements.
The integrated port infrastructure supports multiple quays, capable of accommodating Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, along with a storage network of 177 tanks that collectively hold 4.742 billion litres.
With SEC approval now secured, the Dangote Petroleum Refinery is set to initiate a historic public offering, expanding investor engagement in this transformative industrial project in Nigeria.
