Dangote refinery targets 2.15 trillion naira in Nigerian IPO
By the AFREEQUE newsroom, based on Weekendpost
Nigeria’s Dangote refinery is seeking to raise about 2.15 trillion naira by offering 4.1 billion shares at 525 naira each. The offer, which opened on 14 September and is due to run until 27 October 2026, is intended to finance the company’s growth investments, according to its investor presentation.
Nigeria’s Dangote refinery is seeking to raise 2.15 trillion naira, or about $1.5 billion, through an initial public offering, according to its October 2026 presentation. The offer comprises 4.1 billion ordinary shares priced at 525 naira each. Net proceeds are estimated at 2.11 trillion naira after fees and are intended to fund capital spending to support the company’s growth.
The offer opened on 14 September and is due to close on 27 October 2026. The refinery plans to list on the Nigerian Exchange’s main board. The fundraising is presented as financing for expansion, rather than a sale of shares by existing shareholders.
The financial presentation reports net losses of about $1.51 billion in 2024 and $475.8 million in 2025. It says the first nine months of 2026 mark a turnaround, although the corresponding figures are not available here.
The Dangote refinery, whose IPO attracted investors from 90 countries, is continuing its offer, which has been extended until 27 October. The operation follows the announcement of net profits of 6.3 trillion naira reported on 14 October.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
