The Securities and Exchange Commission has formally granted approval for the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for one of the most anticipated capital market transactions in Nigeria's energy sector. Under the terms of the offering, the refinery will issue 4.1 billion ordinary shares priced at ₦525 each, setting up the opportunity to raise roughly ₦2.15 trillion if fully subscribed. Alongside the new share issuance, the regulatory body has also registered the company’s existing 120.13 billion ordinary shares.
The official authorization was delivered through a formal letter to the Lead Issuing House, Vetiva Advisory Services Limited, under the signature of Abdulkadir Abbas, Director of the Securities and Investment Services Department at the SEC. This regulatory green light clears the refinery's draft offer documents and signals the go-ahead for the upcoming Completion Board Meeting and Signing Ceremony. The announcement arrives shortly after Aliko Dangote confirmed that the public offer would open within a two-week window to expand public equity ownership in the facility.
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Situated in Ibeju-Lekki, Lagos, the world-class facility currently operates with a processing capacity of 700,000 barrels per day, with ongoing expansion work aimed at boosting output to 1.4 million barrels per day. The complex is backed by extensive logistics infrastructure, including an integrated port setup capable of handling Panamax vessels, liquid cargo, and roll-on/roll-off operations, alongside a network of 177 storage tanks with a total holding capacity of 4.742 billion liters. It also incorporates five Single Point Moorings, the largest single order of its kind globally and relies on processing technologies designed to satisfy strict environmental emission guidelines set by local Nigerian regulators, the World Bank, the U.S. Environmental Protection Agency, and European authorities.
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