The Securities and Exchange Commission (SEC) has given the green light for Dangote Petroleum Refinery and Petrochemicals FZE to launch its Initial Public Offering, setting the stage for what may rank among the biggest capital market deals in the country’s history.
The Commission communicated its decision in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, signed by Abdulkadir Abbas, Director of SEC’s Securities and Investment Services Department.
Under the approved terms, the company plans to offer 4.1 billion ordinary shares priced at N525 each, an offering that could generate roughly N2.15 trillion if it attracts full investor subscription.
The SEC has also registered the firm’s existing 120.13 billion ordinary shares as part of the process.
With the draft offer documents now cleared, the refinery can move forward to its Completion Board Meeting and Signing Ceremony, a key procedural step before shares reach the market.
Officials describe the approval as another milestone in the refinery’s development, one that opens up investment access to a major African industrial asset while deepening Nigeria’s capital markets.
The Dangote Refinery and Petrochemicals Complex sits on roughly 2,635 hectares in Ibeju-Lekki, Lagos. It currently processes 700,000 barrels of crude per day, making it the world’s largest single-train refinery, and operates alongside a polypropylene plant with capacity for 900,000 tonnes annually. A dedicated 435-megawatt power plant supplies the complex’s energy needs.
Once running at full capacity, the facility is intended to cover Nigeria’s domestic fuel needs while leaving substantial output for export.
An ongoing expansion project aims to push capacity to 1.4 million barrels per day, which would make it the largest refinery on earth.
Supporting infrastructure includes a self-contained marine terminal built for efficient logistics, along with the world’s largest single order of five Single Point Moorings. The refinery’s processing systems are designed to comply with World Bank, U.S. EPA, European, and Nigerian environmental standards.
Its port facilities feature several quays able to accommodate Panamax ships, liquid cargo, and roll-on/roll-off traffic, backed by 177 storage tanks holding a combined 4.742 billion litres.
Having cleared this regulatory hurdle, the refinery now moves toward a public offering expected to draw wide investor interest in one of Nigeria’s most significant industrial undertakings.
