The Securities and Exchange Commission, SEC, has approved the proposed Initial Public Offering, IPO,vof Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for a share sale that could raise approximately N2.15 trillion.
The proposed offer comprises 4.1 billion ordinary shares priced at N525 each, according to the SEC approval conveyed in a letter 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.
In addition to approving the proposed offer, the commission registered the refinery’s existing 120.13 billion ordinary shares.
The approval clears the company’s draft offer documents and authorises it to proceed with its Completion Board Meeting and Signing Ceremony, marking a major step towards the commencement of the public offering.
If fully subscribed, the IPO could rank among the largest capital market transactions in Nigeria’s history and significantly expand public investment in the country’s downstream petroleum sector.
Located in Ibeju-Lekki, Lagos State, the Dangote Petroleum Refinery and Petrochemicals Complex occupies about 2,635 hectares and houses an integrated refining and petrochemical facility.
The refinery currently has a refining capacity of 700,000 barrels per day, making it the world’s largest single-train refinery, while its petrochemical operations include a polypropylene plant with an annual production capacity of 900,000 tonnes.
The facility is powered by a dedicated 435-megawatt power plant and is designed to supply refined petroleum products to the Nigerian market while exporting surplus production to international markets.
The company is also expanding the refinery, with plans to increase its capacity to 1.4 million barrels per day, which would make it the world’s largest refinery upon completion.
The complex is supported by extensive logistics and storage infrastructure, including a dedicated marine facility and five Single Point Moorings (SPMs).
Its port infrastructure comprises multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.
The refinery’s storage network consists of 177 tanks with a combined capacity of about 4.742 billion litres.
The SEC approval comes as Nigeria’s capital market continues to deepen efforts to attract large-scale investments and broaden public participation in major domestic enterprises.
The Dangote Refinery IPO is expected to provide investors with an opportunity to acquire equity in one of Nigeria’s largest industrial projects while potentially making the transaction a landmark event for the country’s capital market.
