The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery, paving the way for what is expected to become one of the largest share sales in Africa’s history.

Under the approved offer, the refinery’s shares have been priced at ₦525 per unit, with the company seeking to raise significant capital from investors through the public listing. Reports indicate that the offering could generate about $1.5 billion and involve the sale of approximately 4.1 billion shares.

The IPO is expected to provide Nigerians and institutional investors with an opportunity to acquire ownership stakes in the refinery, which has become a major player in Nigeria’s energy sector and regional fuel supply market.

Industry analysts believe the listing could significantly deepen the Nigerian capital market and increase activity on the Nigerian Exchange, given the scale and strategic importance of the refinery.

The Dangote Refinery, located in the Lekki Free Trade Zone in Lagos, has a refining capacity of 650,000 barrels per day and has substantially reduced Nigeria’s dependence on imported petroleum products since commencing operations.

The company is also pursuing plans to expand its refining capacity to 1.4 million barrels per day, with proceeds from the IPO expected to support future growth and infrastructure development.

Market observers say the public offering will serve as a major test of investor confidence in Nigeria’s capital market and could attract strong interest from both local and international investors.

The subscription process is expected to commence later this month, with the refinery positioning the offer as an opportunity for ordinary Nigerians to participate in the growth of one of Africa’s most ambitious industrial projects.