- Safiu Kehinde
Dangote Petroleum and Petrochemical FZE is set for its Initial Public Offering (IPO) signing ceremony with 4 1 billion ordinary shares up for grab.
The event is slated to hold at Eko Hotel and Suites, Victoria Island, Lagos, on Monday.
The private refinery will offer 4.1 billion ordinary shares of $0.000013 each for subscription at N525.00 per share.
According to reports, the development marks the refinery’s first public offer since its inauguration in 2023, after nearly 10 years of construction and an investment of approximately $20 billion.
Prior to the signing, the Securities and Exchange Commission had approved the launch of the IPO.
This, according to Dangote, paved the way for what could become one of the largest capital market transactions in Nigeria’s history.
Meanwhile, the listing is expected on September 14, according to a company official.
Proceeds from the public float are intended to fund a massive expansion of the Lagos-based facility, raising processing capacity from its current operational baseline of 700,000 barrels per day (bpd) to 1.4 million bpd.
Achieving that target would make it the largest operating oil refinery in the world, surpassing India’s Jamnagar complex.