The Securities and Exchange Commission has approved the commencement of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for the company to raise about ₦2.15 trillion from the Nigerian capital market.
The approval, according to a statement issued by the Dangote Group on Friday, was conveyed in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited.
The letter was signed by the Director of the SEC’s Securities and Investment Services Department, Abdulkadir Abbas.
Under the proposed offer, the refinery will issue 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer is expected to generate approximately ₦2.15 trillion.
The SEC has also registered the company’s existing 120.13 billion ordinary shares.
The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its completion board meeting and signing ceremony, marking a major milestone in the IPO process.
The Dangote Group said the approval would give investors an opportunity to acquire an ownership stake in the refinery while further deepening Nigeria’s capital market.
The company described the development as another significant step in the growth of Dangote Petroleum Refinery, saying the IPO would open investment opportunities in one of Africa’s major industrial assets.
Located in Ibeju-Lekki, Lagos State, the Dangote Refinery and Petrochemicals Complex occupies about 2,635 hectares and houses an integrated refining and petrochemical facility.
The refinery currently has a production capacity of 700,000 barrels per day, supported by a polypropylene plant with an annual capacity of 900,000 tonnes. Its operations are powered by a dedicated 435-megawatt power plant.
At full capacity, the refinery is designed to meet a significant portion of Nigeria’s domestic demand for refined petroleum products while supplying products to international markets.
The facility is also undergoing expansion that is expected to raise its refining capacity to 1.4 million barrels per day, potentially making it the world’s largest refinery.
The complex is supported by a marine facility designed to improve logistics and freight operations, including five Single Point Moorings.
Its infrastructure also comprises integrated port facilities with multiple quays capable of handling Panamax vessels, liquid cargo and roll-on/roll-off operations.
The refinery has 177 storage tanks with a combined capacity of approximately 4.742 billion litres.
According to the company, the facility uses advanced processing technology designed to meet World Bank, United States Environmental Protection Agency, European emissions and Nigerian regulatory standards.
The SEC’s approval of the proposed IPO therefore marks a major step in Dangote Refinery’s plan to expand investor participation and raise fresh capital through Nigeria’s capital market.
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