The planned public offer for Dangote Petroleum Refinery & Petrochemicals FZE would change Nigeria's market picture by making the refiner one of the exchange's largest listings and moving the Nigerian Exchange Limited's aggregate market capitalisation toward ₦225 trillion. The company has set a fixed issue price of ₦525 for each of 4.1 billion ordinary shares, producing gross proceeds of ₦2.15 trillion, or $1.6 billion, from the sale.
At an indicative listing valuation of ₦65.22 trillion, the firm’s capitalisation rises from a pre-listing figure of ₦63.07 trillion, an uplift of roughly ₦2.15 trillion. Against an NGX market capitalisation of ₦160.6 trillion recorded on 7 September 2026, that increase would effectively insert a new top-five constituent into the exchange almost immediately.
A syndicate led by Vetiva Advisory Services Limited is running the offer alongside more than twenty issuing houses, including FirstCap, Stanbic IBTC Capital, Chapel Hill Denham Advisory, Absa Capital Markets Nigeria and Afrinvest. The prospectus shows the sale will free-float about 4.1 billion shares out of 120.13 billion total, equal to roughly 3.3 percent of issued capital.
Pan-African Refinery Investment SPV, a Mauritius vehicle, has committed to subscribe up to the naira equivalent of $400 million, which the prospectus says equates to about 1.04 billion shares or roughly 25.3 percent of the allotment on offer, subject to registrar verification and Securities and Exchange Commission approval. The document also notes the issue is not underwritten, so distribution risk rests with the company and its anchor commitment rather than a guarantee from underwriters.
After estimated offer costs of ₦41.49 billion, equal to 1.93 percent of gross proceeds, DPRP expects to net approximately ₦2.1 trillion. Those proceeds are earmarked for capital expenditure linked to an expansion intended to add 700,000 barrels per day to the refinery's current 700,000 bpd capacity. The expansion carries an estimated aggregate cost of $14.3 billion, to be spent in phases; IPO proceeds will cover only part of that sum, with the balance coming from internal cash flow and other financing, including debt, trade finance and project facilities.
Chairman Aliko Dangote described the listing as a milestone, saying, "Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security. Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation."
The company has also included a Retail Investor Incentive Programme to encourage smaller investors to participate. The immediate next steps are the offer opening on 14 September, investor applications during the four-week window through 13 October 2026, verification of anchor subscriptions by registrars, and regulatory approval of allotments by the Securities and Exchange Commission.
