By Benson Daniel
The Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals has been described as an opportunity for Nigerians to gain ownership in a business operating at a global scale.
FCMB Group Chief Executive Officer, Ladi Balogun, made the remark during the opening gong ceremony and Facts Behind the Offer presentation at the Nigerian Exchange in Lagos.
The IPO, which opened on September 14 and will close on October 13, 2026, offers 4.1 billion ordinary shares of Dangote Petroleum Refinery and Petrochemicals FZE at ₦525 per share. If fully subscribed, the offer is expected to raise about ₦2.15 trillion.
Balogun said the minimum subscription of 10 shares, costing ₦5,250, had been deliberately structured to make the offer accessible to individual investors.
He said the opportunity would allow Nigerians to participate in the ownership of a major industrial enterprise that would otherwise be difficult for many individual investors to access.
The FCMB Group chief executive also highlighted the expanding reach of Nigeria’s capital market, noting that investors can now participate through different channels, including mobile platforms, fintech companies, banks and stockbroking firms.
He said institutional investors, pension funds and international investors also play important roles in providing depth and liquidity to the Nigerian capital market.
FCMB is participating in the Dangote Refinery transaction through three of its operating companies. FCMB Capital Markets is serving as a joint issuing house, CSL Stockbrokers is the stockbroker to the offer, while First City Monument Bank is acting as a receiving bank and distribution agent.
The IPO is also expected to broaden ownership of the refinery and deepen retail participation in the Nigerian equities market.
Dangote Industries President Aliko Dangote said the offer was designed to give Nigerians from different income and professional backgrounds an opportunity to acquire an ownership stake in the refinery.
The refinery currently has a processing capacity of about 700,000 barrels of crude oil per day, with plans to increase capacity to approximately 1.4 million barrels per day.
The public offer represents one of the most significant capital-market transactions involving a Nigerian industrial company and comes as the country seeks to deepen domestic investment and expand participation in the ownership of large-scale businesses.
For investors, however, subscribing to the IPO means acquiring shares whose future value and returns will depend on the company’s financial performance, market conditions and other factors affecting the Nigerian capital market.
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