Dangote Refinery IPO gets SEC approval with shares at ₦525 each
The Securities and Exchange Commission has approved the Initial Public Offering for Dangote Petroleum Refinery and Petrochemicals FZE. The company plans to offer 4.1 billion ordinary shares at ₦525 per share, potentially raising about ₦2.15 trillion if fully subscribed. Aliko Dangote aims to broaden investment in the refinery, which is one of Nigeria’s largest industrial projects. The facility in Ibeju-Lekki, Lagos, is currently expanding its capacity and features extensive infrastructure.
TLDR
- The SEC approved the IPO for Dangote Petroleum Refinery and Petrochemicals FZE, allowing the company to proceed with the offering.
- 4.1 billion ordinary shares will be offered at ₦525 each, potentially raising about ₦2.15 trillion.
- The refinery’s existing 120.13 billion ordinary shares have also been registered by the SEC.
- The refinery in Ibeju-Lekki, Lagos, currently has a capacity of 700,000 barrels per day, with expansion underway to reach 1.4 million barrels per day.
- The facility includes advanced processing technology, extensive port infrastructure, and a storage network of 177 tanks with a combined capacity of 4.742 billion litres.
