The Securities and Exchange Commission, SEC, has approved the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the company to offer 4.1 billion ordinary shares at ₦525 per share.
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If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion, making it one of the largest capital market transactions in Nigeria.
The approval was announced by the Dangote Group on Friday, shortly after the refinery’s owner, Aliko Dangote, disclosed that the IPO was expected to open within 10 to 12 days.
According to the company, the SEC approval clears the refinery’s draft offer documents and authorises it to proceed with its Completion Board Meeting and Signing Ceremony, representing another major step towards the formal commencement of the public offer.
“According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed,” the statement said.
The SEC also registered the refinery’s existing 120.13 billion ordinary shares as part of the process.
The regulatory approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
The proposed IPO will provide investors with an opportunity to acquire an equity stake in one of Nigeria’s largest industrial projects as the refinery moves towards becoming a publicly traded company.
Located in Ibeju-Lekki, Lagos State, the Dangote Refinery currently has an installed refining capacity of about 700,000 barrels of crude oil per day.
The company is also undertaking an expansion programme expected to increase the refinery’s capacity to approximately 1.4 million barrels per day.
According to the Dangote Group, the refinery is supported by extensive marine and port infrastructure designed to improve logistics and freight efficiency.
The facility has five Single Point Moorings, SPMs, as well as multiple quays capable of receiving Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.
Its storage infrastructure comprises 177 tanks with a combined capacity of about 4.742 billion litres.
The company also said the refinery incorporates advanced processing technology designed to comply with Nigerian regulatory requirements as well as international environmental standards, including those of the World Bank, United States Environmental Protection Agency and European authorities.
Dangote had earlier said the IPO formed part of efforts to broaden ownership and investment participation in the refinery.
With the SEC’s approval now secured, the company is expected to complete the remaining regulatory and transactional processes ahead of the formal opening of the offer to investors.
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