All is prepared for the Dangote Petroleum and Petrochemicals FZE Initial Public Offering Signing Ceremony in Lagos.
The event is reported to hold at the Eko Hotel and Suites, Victoria Island, Channels TV reports.
At the occasion, the private refinery will be offering for subscription 4.1 billion ordinary shares of $0.000013 each at ₦525.00 per share.
The ceremony will be anchored by the leadership of Dangote Petroleum Refinery led by Aliko Dangote, President/Chief Executive, Dangote Industries Limited.
It is the refinery’s first public offering since it opened in 2023 after nearly a decade of construction and an investment of some $20 billion.
Located in the Lekki Free Zone, Lagos, it has a refining capacity of 650,000 barrels per day, making it the largest single-train refinery in Africa.
“The Securities and Exchange Commission has approved the start of the IPO which opens the door to what could be one of the largest capital market transactions in Nigerian history”, the business said.
The listing is scheduled on September 14, a corporate official said.
The proceeds of the public float would fund a major expansion of the Lagos-based plant, expanding processing capacity from the existing operational baseline of 700,000 barrels per day (bpd) to 1.4 million bpd.
If it meets that aim, it would be the world’s biggest running oil refinery, surpassing India’s Jamnagar complex.
The capital rise comes after a $2.5 billion private placement in July.
At the offer price of N525 per share, the market valuation of the refinery is at almost $47 billion.
If fully subscribed, the listing alone will increase the entire market capitalisation on the NGX by an estimated 30 to 40 per cent.
The company has suggested to pay dividends in the US dollar to attract institutional and individual customers alike, using foreign exchange proceeds from refined product and petrochemical exports to shield investors from the local currency’s volatility.
Although the refinery now satisfies more than 80 percent of Nigeria’s local demand for petrol, long-term profits will be influenced by the availability of crude feedstock, export growth and refining margins. Africans& Diaspor
African countries spend more than $230 billion a year on imported commodities and refined fuel accounts for more than 70 per cent of consumption in the area, the Africa Finance Corporation said. The Dangote Group is boosting its refining capacity to meet this regional need.
The group also expects to break ground on a 700,000-bpd coastal facility in Lamu, Kenya, on September 30, as part of its wider footprint.
The public offering on September 14 will be an important sign of market liquidity on the local exchange and investor appetite for large-scale industrial assets.
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