Dangote Refinery Public Listing is Fast-Approaching
It is. Here’s where things stand as of today: Dangote Refinery signed its offering documents with advisers on Monday, and the offer runs from September…
It is. Here’s where things stand as of today:
Dangote Refinery signed its offering documents with advisers on Monday, and the offer runs from September 14 to October 13. Pricing is set at N525 per share, with about 4.1 billion shares on offer, putting the raise at roughly $1.5 billion. Minimum subscription is 10 shares, so N5,250 gets you in.
A few things worth noting:
The float is thin. Only about 3.3% of the company is being offered, with Dangote Industries retaining roughly 89% after listing. That can support the price but also makes it less liquid.
The numbers turned recently. The business posted a $476 million loss in 2025, then $1.82 billion in profit for the first half of 2026 on $13.9 billion in revenue. Utilisation went from around 45% at the start of the year to full crude-unit utilisation in Q2, averaging 84% for H1.
Capital is already lined up. A $1 billion underwriting programme completed ahead of the IPO, structured as a funded $600 million private placement plus a $400 million underwriting commitment. Proceeds are aimed at doubling capacity to 1.4 million barrels per day.
One caution worth repeating: the SEC has already warned against unauthorised operators soliciting money for Dangote Refinery shares, so anything outside a registered broker or a channel named in the prospectus is a red flag.
What are you looking to do with this? I can pull it into a LinkedIn post, work up the market-entry angle for Diglancers, or go deeper on the financials.
KEY TAKEAWAYS
- - Offer runs September 14 to October 13, 2026, on the NGX.
- - Priced at N525 per share, roughly 4.1 billion shares, targeting about $1.5 billion.
- - Minimum entry is 10 shares, or N5,250.
- - Only about 3.3% of the company is on offer; Dangote Industries keeps roughly 89%.
- - Small float means potential price support but thinner liquidity and more volatility.
- - H1 2026 profit of $1.82 billion on $13.9 billion revenue, after a $476 million loss in 2025.
- - Utilisation climbed from about 45% in January to 84% average for H1.
- - A $1 billion underwriting programme was completed before the offer opened.
- - Proceeds fund the expansion from 700,000 to 1.4 million barrels per day.
- - Set to be Africa's largest-ever public offering if it clears.
- - SEC Nigeria has warned against unauthorised operators soliciting for these shares.
- - Apply only through a registered broker or a channel named in the final prospectus.
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