Dangote Petroleum Refinery shares will be offered at ₦525 each after the Securities and Exchange Commission approved the company’s Initial Public Offering of 4.1 billion ordinary shares, paving the way for its planned listing on the Nigerian capital market. According to a report by Punch, Dangote Group in a statement……
Dangote Petroleum Refinery shares will be offered at ₦525 each after the Securities and Exchange Commission approved the company’s Initial Public Offering of 4.1 billion ordinary shares, paving the way for its planned listing on the Nigerian capital market.
According to a report by Punch, Dangote Group in a statement released on Friday stated that the offering could generate about ₦2.15tn if fully subscribed.
The approval comes days after Aliko Dangote disclosed that the refinery’s IPO was expected to open within 10 to 12 days.
With the SEC’s clearance, the refinery can now proceed with the next stages of the public offering.
The Dangote Group said the commission’s approval was communicated through a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the SEC’s Securities and Investment Services Department, Abdulkadir Abbas.
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The statement read, “According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.
“The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.”
The SEC’s registration of the refinery’s existing 120.13 billion ordinary shares forms part of the regulatory process ahead of the proposed listing.
The IPO will provide investors with an opportunity to acquire an interest in one of Nigeria’s largest industrial investments as Dangote Refinery moves towards becoming a publicly traded company.
Located in Ibeju-Lekki, Lagos, the refinery has a current processing capacity of 700,000 barrels per day.
The facility is also being expanded, with the project expected to double its capacity to 1.4 million barrels per day when completed.
The Dangote Group said the refinery is backed by extensive infrastructure and facilities designed to support large-scale crude processing, storage and distribution.
“The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency. It also holds the world’s largest single order of five Single Point Moorings (SPMs) and incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency (EPA), European emission standards, and Nigerian regulatory requirements.
“Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres,” the statement added.
Dangote has previously said the proposed IPO is aimed at broadening investment in the refinery and allowing more investors to participate in its ownership.
The transaction is expected to rank among the largest capital market offerings in Nigeria if fully subscribed.
