By The Metro 
Dangote Petroleum Refinery and Petrochemicals FZE on Monday unveiled a N2.15 trillion Initial Public Offer (IPO), offering Nigerians and other Africans an opportunity to acquire shares in the 700,000-barrel-per-day refinery.
The offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
Chief Executive of the company, Alhaji Aliko Dangote, said the offer was aimed at raising capital for the refinery’s expansion while broadening public ownership of the company.
“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.
He said the company planned to increase the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day, adding that the expansion would boost production and strengthen its capacity to serve domestic and international markets.
Dangote said the offer was the refinery’s first public offer since its inauguration in 2023 and described it as the biggest IPO in Africa.
He said the transaction would give more Nigerians and other Africans an opportunity to participate in the company’s growth.
The Group Managing Director of Vetiva Capital Management Ltd., Mr Chuka Eseka, said the transaction was structured to promote transparency, accountability and broad participation.
Eseka said retail investors would be able to subscribe electronically through bank applications, internet platforms and stockbrokers, while institutional investors could subscribe electronically or through application forms submitted to receiving agents.
FirstCap Managing Director, Mr Ukandu Ukandu, said the offer was targeting about 10 million retail investors.
He said the target would significantly exceed the current Nigerian capital market record of about 181,000 retail participants in a single transaction.
Chief Executive Officer of Dangote Petroleum and Petrochemicals, Mr David Bird, said the refinery’s strategic location in the Lekki Free Zone positioned it to serve Nigeria, West Africa and international markets.
“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.
Oladele Sotubo, Chief Executive Officer of Stanbic IBTC Capital, said the offer was structured to enable ordinary Nigerians to acquire shares in the refinery.
The News Agency of Nigeria (NAN) reports that the offer, approved by the Securities and Exchange Commission (SEC), is expected to open on Sept. 14 and close on Oct. 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.
Vetiva Advisory Services Ltd. is the Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap are Joint Managers.
The company plans to list the shares on the Main Board of the Nigerian Exchange Group.
Eligible retail investors may receive up to two additional shares under the offer’s incentive structure, subject to the applicable conditions.