Overview
- The order book opened on Monday, September 14, 2026, offering 4.1 billion shares at 525 naira each with a minimum buy of 10 shares and a 30% greenshoe, and the offer runs through October 13 with a planned listing in November.
- Company executives say most proceeds will help finance a $14–14.3 billion project to raise capacity from roughly 700,000 bpd today to about 1.4 million bpd by 2029–2030, which management says would make the refinery the world’s largest.
- The offer implies an estimated post-offer valuation near $47–50 billion, while Aliko Dangote is set to retain about 87% ownership after the sale and the company plans dollar-denominated dividends and retail incentives such as a free share for small investors who hold the minimum for 12 months.
- Investors point to an earlier oversubscribed $2.5 billion private placement in July 2026 that prefunded part of the expansion, but analysts warn the public raise still faces execution risks tied to crude supply, local infrastructure, currency volatility and regulatory clarity.
- Management says it will seek international listings within three to four years and use the IPO to broaden retail ownership across Africa, a move that could materially change the Nigerian Exchange’s market profile and add millions of new small shareholders.