The Securities and Exchange Commission (SEC) has approved the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for the company to proceed with the next phase of its planned listing.
Under the proposed offer, the refinery will issue 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion.
The approval was conveyed in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the SEC’s Securities and Investment Services Department, Abdulkadir Abbas, according to a statement issued by the Dangote Group on Friday.
The commission also registered the refinery’s existing 120.13 billion ordinary shares as part of the IPO process.
The Dangote Group said the SEC’s approval covers the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a major step towards the proposed public offering.
The IPO is expected to provide investors with an opportunity to acquire shares 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 a production capacity of 700,000 barrels per day.
The facility is also undergoing an expansion programme that is expected to double its capacity to 1.4 million barrels per day.
Beyond its refining capacity, the company highlighted the extensive infrastructure supporting the facility, including a self-sufficient marine facility designed to improve logistics and freight efficiency.
The refinery also has what the company described as the world’s largest single order of five Single Point Moorings (SPMs), alongside advanced processing technology designed to meet World Bank, United States Environmental Protection Agency, European emission and Nigerian regulatory standards.
Its integrated port infrastructure comprises multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.
The refinery’s storage system consists of 177 tanks with a combined capacity of 4.742 billion litres, according to the Dangote Group.
The company had previously said the proposed IPO was part of efforts to broaden investment in the refinery, with the transaction expected to rank among the largest capital market deals in Nigeria.
The SEC’s approval therefore represents a significant regulatory milestone for the refinery as it advances towards the formal completion of the offering and eventual participation in Nigeria’s public capital market.
