SEC clears Dangote Refinery IPO at ₦525 per share

The Securities and Exchange Commission has approved the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.

As reported by Peoples Gazette, SEC’s clearance, conveyed to Lead Issuing House Vetiva Advisory Services, permits the offering of 4.1 billion ordinary shares at ₦525 each, potentially raising about ₦2.15 trillion if fully subscribed.

The regulator further registered the company’s existing 120.13 billion ordinary shares and cleared its draft offer documents, authorising the Completion Board Meeting and Signing Ceremony.

Located in Ibeju-Lekki, the refinery currently processes 700,000 barrels daily, with an expansion underway to raise capacity to 1.4 million barrels, positioning it to become the world’s largest refinery.