Dangote Petroleum Refinery and Petrochemicals has unveiled a N2.15 trillion Initial Public Offer, IPO, aimed at giving millions of Nigerians and other Africans an opportunity to own shares in the refinery.

The offer comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares, allowing investors to participate with as little as N5,250.

The company is targeting about 10 million retail investors, a figure that would significantly surpass the Nigerian capital market’s previous record of about 181,000 retail participants in a single transaction.

President and Chief Executive Officer of Dangote Group, Aliko Dangote, unveiled the offer in Lagos, describing it as an IPO designed to give ordinary people an opportunity to become shareholders.

The offer, which has been approved by the Securities and Exchange Commission, SEC, is expected to open on September 14 and close on October 13, subject to applicable regulatory conditions.

The shares are also expected to be listed on the Main Board of the Nigerian Exchange, NGX.

The IPO is expected to support the refinery’s expansion programme, which will increase its refining capacity from 700,000 barrels per day to 1.4 million barrels per day by 2028.

Dangote says the expansion will make the Lekki-based facility the world’s largest refinery.

He says the project is central to the Dangote Group’s Vision 2030, which focuses on accelerating industrialisation across Africa, with energy security as a major priority.

The Group Managing Director of Vetiva Capital Management, Chuka Eseka, says the IPO is structured to promote transparency, accountability and broad participation.

He says retail investors will be able to subscribe electronically through bank applications, online platforms and stockbrokers, while institutional investors can participate electronically or through receiving agents.

Managing Director of FirstCap, Ukandu Ukandu, says the company is targeting about 10 million retail investors, while Stanbic IBTC Capital CEO, Oladele Sotubo, says the offer will allow ordinary Nigerians to become shareholders in the refinery.

Eligible retail investors may also receive up to two additional shares under an incentive arrangement, subject to the conditions contained in the offer documents.

Meanwhile, Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, describes the facility as a pan-African energy platform serving Nigeria, West Africa and international markets.

Bird says the refinery has become a major supplier of aviation fuel to Europe and has developed into a trading-led merchant refinery capable of processing different crude grades.

He says preparations for the planned expansion are largely complete, with construction remaining the major outstanding phase.

Bird says construction is expected to be completed by 2028, paving the way for the refinery to become the world’s largest integrated refining and petrochemical complex.