- Safiu Kehinde
Nigerian billionaire businessman, Aliko Dangote, has on Monday declared the commencement of the Dangote Refinery’s Initial Public Offering sales as he rang the opening bell at the Nigeria Stock Exchange, NGX.
Dangote was invited by the NGX official to declare the trading for the day open.
This is coming days after the Africa’s richest man launched the IPO with 4.1 billion ordinary shares of $0.000013 each up for grab.
The offer price is pegged at N525 per share with the mode of offer confirmed to be on fixed price basis.
Meanwhile, the minimum subscription stands at 10 shares which implied that investors could earn shares from a minimum rate of N5,252.
This, according to Dangote Petroleum and Petrochemical FZE advisor, Olutade Olaigbe, is aimed at ensuring that the shares are accessible and affordable for all Nigerians.
On the use of the proceeds gathered from the trade, Olaigbe disclosed that it be used for funding growth capital expenditure of the refinery.
Attached to the IPO is a retail investor incentive programme which will see retail investors receive two additional costs for maintaining the prescribed minimum shareholding for the applicable holding periods subject to obtaining requisite approvals.
In the event of an oversubscription, the issuer may absorb up to 30 percent of the Offer subject to the approval of the SEC
On the mode of application, Olaigbe disclosed that interested members of the public can apply through retail investors and electronic application.
They can also consult other qualified investors or apply through an investor application form.
The subscription is billed to formally open from 14th of September 2026 till its closure on the 15th of October 2026.