*To pay IPO dividend in US Dollars
WorldStage– The SEC-cleared initial public offering (IPO) prospectus for Dangote Petroleum Refinery & Petrochemicals has outlined key financial metrics and structure details for the historic offering opening September 14, 2026 with the refinery posting a first-half after-tax profit of $1.82 billion after a $476 million loss for the previous full year.
The refinery’s IPO aims to raise about 2.15 trillion naira ($1.63 billion), largely targeting retail investors, and will run from September 14 to October 13.
Specifically, it is offering 4.1 billion ordinary shares (with 120.13 billion total registered shares) in the IPO while dividend will be paid in US Dollars.
| Metric / Term | Details |
| Share Price | ₦525.00 ($0.40) per share |
| Shares Offered | 4.1 billion ordinary shares (with 120.13 billion total registered shares) |
| Target Raise | Up to ₦2.15 trillion ($1.6 billion) |
| Implied Valuation | $40 billion – $50 billion |
| H1 2026 Revenue | ₦19.13 trillion (up 121% YoY) |
| H1 2026 Profit After Tax | $1.82 billion |
| Projected Annual Export Revenue | $6.4 billion |
| Minimum Subscription | 10 shares (₦5,250 minimum investment) |
| Subscription Period | September 14, 2026 – October 13, 2026 |
Dividends: Dividend payments are structured to be paid in US Dollars, backed by the company’s export sales of petrochemicals and fertilizer.
Capital Structure: The proceeds are designated for growth capital expenditure, funding capacity maintenance at its 650,000 bpd plant and future expansion plans.
Dangote is set to double its capacity to equal the world’s largest, the Jamnagar Refinery in India, and plans a second refinery in Kenya.
CEO David Bird was quoted as saying, “We went in (to the Iran war) at high refinery utilisation (rates), and there’s been deferred maintenance and damages to Middle East refineries – that’s just to meet current demand.
“We’re at full capacity, 700,000 barrels per day, we are enjoying those upswings, and yes it has fundamentally changed the funding premise of this Vision 2030.”
It aims to double capacity to 1.4 million bpd by 2029 as part of the $14.3 billion expansion.
That will include the construction of petrochemical and oil refining units that will enhance the plant’s import substitution of some petrochemical products, and enable it to produce different specifications of diesel, Bird said.
