Dangote Petroleum Refinery & Petrochemicals FZE Holds Signing Meeting In Connection With Proposed Landmark Initial Public Offering
Dangote Petroleum Refinery & Petrochemicals FZE (“DPRP” or the “Enterprise”) today held the signing ceremony in connection with its proposed Initial Public Offering (the “IPO”), marking an important milestone in opening ownership of Africa’s largest refinery to retail and institutional investors.
Subject to the receipt of all requisite regulatory approvals, the IPO will comprise an offer for subscription of up to 4.1 billion ordinary shares at an offer price of ₦525.00 per share, with a minimum subscription of 10 Offer Shares and multiples of 10 Offer Shares thereafter. The transaction is intended to broaden public ownership of DPRP and provide investors with an opportunity to participate in the future growth of the Enterprise. Net proceeds are expected to be applied towards growth capital expenditure in connection with DPRP’s refinery expansion programme.
The IPO is expected to raise gross proceeds of approximately ₦2.15 trillion and includes an overallotment option of up to 30% of the Offer Size to accommodate excess demand. Upon completion of the IPO and receipt of the requisite approvals, the Enterprise’s shares will be admitted to trading on the Main Board of the Nigerian Exchange Limited.
In line with DPRP’s commitment to broadening ownership and encouraging long-term participation, eligible retail investors may receive up to two additional shares at no additional cost under the Retail Investor Incentive Programme, subject to maintaining the prescribed minimum shareholding for the applicable holding periods and obtaining requisite approvals. Full details of the programme are contained in the Prospectus.
DPRP owns and operates an integrated refining and petrochemical complex with a current refining capacity of 700,000 barrels per day and the capability to produce a range of refined petroleum and petrochemical products. The Enterprise is currently executing an expansion programme that is expected to increase refining capacity to approximately 1.4 million barrels per day by 2029.
The signing ceremony brought together representatives of the Enterprise, transaction advisers, and other key stakeholders ahead of the launch of the IPO.
Speaking at the signing ceremony, Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the transaction as an important milestone in the evolution of the Enterprise.
Dangote Petroleum Refinery and Petrochemicals FZE THE IPO FOR THE PEOPLE
“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.”
Commenting on DPRP’s growth ambitions, David Bird, Managing Director/Chief Executive Officer of DPRP, said: “DPRP has established itself as an integrated refining and petrochemicals platform serving domestic and regional markets. As we continue to execute our growth plans, including the ongoing expansion programme, the IPO represents another important step in the development of the Enterprise and its long-term ambitions.”
Speaking on behalf of the issuing houses, Chuka Eseka, Chairman of Vetiva Advisory Services Limited, said:
“Today’s Signing Ceremony represents a significant milestone in the preparation for the proposed IPO. We are pleased to be working alongside DPRP and the consortium of advisers on a transaction that is expected to be an important addition to the Nigerian equity capital markets.”
The IPO is being led by Vetiva Advisory Services Limited as Lead Issuing House together with FirstCap Limited and Stanbic IBTC Capital Limited, with Chapel Hill Denham Advisory Limited, Absa Capital Markets Nigeria Limited, Afrinvest Capital Limited, CardinalStone Partners Limited, Comercio Partners Capital Limited, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, Cowry Asset Management Limited, Ecobank Development Company Limited, FCMB Capital Markets Limited, Finmal Finance Services Limited, First Ally Advisory Limited, FSDH Capital Limited, Futureview Financial Services Limited, Greenwich Capital Markets Limited, Meristem Capital Limited, Quest Merchant Bank Limited, Quantum Zenith Capital & Investments Limited, Rand Merchant Bank Nigeria Limited, Renaissance Securities (Nigeria) Limited, SCM Capital Limited, Tiddo Securities Limited and United Capital Plc as Joint Issuing Houses.
The IPO’s legal workstreams are being led by Banwo & Ighodalo, acting as Solicitor to the Issuer, and AELEX and Olaniwun Ajayi LP, acting as Solicitors to the Offer.
Buraq Capital Limited, acting as Shari’ah Adviser to the IPO, has expressed the opinion that on the basis of the information and representations reviewed, investment in the IPO is permissible under Shari’ah. Full details of the opinion are set out in the Prospectus.
Subject to the receipt of all requisite regulatory approvals, the IPO is expected to open on 14 September 2026 and close on 13 October 2026.