The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, with the company offering 4.1 billion ordinary shares at ₦525 per share.
The offer could raise approximately ₦2.15 trillion if fully subscribed, according to a statement issued by the Dangote Group on Friday.
The approval clears the way for the next stages of the IPO, including the Completion Board Meeting and Signing Ceremony.
The SEC has also registered the refinery’s existing 120.13 billion ordinary shares as part of the process.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery currently has a production capacity of 700,000 barrels per day, with an ongoing expansion expected to increase capacity to 1.4 million barrels per day.
The proposed IPO is expected to provide investors with an opportunity to acquire shares in one of Nigeria’s largest industrial projects and could become one of the country’s largest capital-market transactions.
The approval was conveyed to the Lead Issuing House, Vetiva Advisory Services Limited, by the SEC.
