Shares in Dangote Petroleum Refinery and Petrochemicals may begin trading on the Nigerian Exchange from 8 December 2026, after the company completed a ₦2.15 trillion initial public offering. The date is provisional and still depends on Securities and Exchange Commission approval and NGX admission requirements.
Offer Timeline
The public offer closed on 27 October 2026, after the subscription deadline was extended from 13 October to give investors more time. The company offered 4.1 billion ordinary shares at ₦525 each. Full subscription would raise ₦2.1525 trillion.
Under the revised timetable, registrars were expected to finish collating applications by 3 November. The proposed basis of allotment is due to be submitted to the SEC on 10 November, with regulatory clearance targeted for 17 November. Successful investors would then have shares credited to their Central Securities Clearing System accounts. Trading could start around **8 December**, subject to final clearance and exchange requirements.
Valuation and Market Impact
Market estimates put the refinery’s implied equity value at about ₦65.22 trillion, based on the offer price and enlarged share capital. That figure is separate from the ₦2.15 trillion expected from the IPO itself, which represents only the proceeds from the shares sold, not the company’s total value.
If the listing goes ahead as planned, it could lift the NGX’s total market capitalisation toward ₦230 trillion and attract stronger interest from domestic and foreign institutional investors. The actual effect will depend on final allotment, how many shares are admitted for trading, and how the market values the stock after listing.
What Investors Should Know
For those waiting to buy or sell the shares, 8 December is the anticipated start date, not a confirmed one. A successful listing would give investors direct exposure to one of Africa’s largest petroleum refining businesses and rank among Nigeria’s biggest equity offerings, potentially deepening the capital market.
In a separate development, Aliko Dangote is in talks with Egyptian authorities over a possible $10 billion to $15 billion investment in oil refining and petrochemicals. Discussions gained momentum after Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid Saleh, visited Dangote Industries Limited’s headquarters in Lagos with senior government and industry officials.
