Overview
- The company opened the order book on Monday, September 14, offering 4.1 billion new shares at ₦525 each with a minimum purchase of 10 shares and a closing date of October 13.
- If fully subscribed the sale aims to raise about ₦2.15 trillion (roughly $1.6 billion) and could rise to about $2.1 billion if underwriters exercise a 30% greenshoe option.
- Management says proceeds will help finance a $14.3 billion expansion to move capacity from roughly 700,000 barrels per day to about 1.4 million barrels per day by around 2029 and that dividends will be paid in U.S. dollars.
- The offering follows a heavily oversubscribed $2.5 billion private placement in July that left Aliko Dangote with about an 87% stake, and the company has signalled interest from sovereign and institutional investors including ADNOC.
- Analysts and critics warn the IPO’s implied valuation of about $47–$50 billion may price in 2026 windfall margins and faces execution risks such as securing reliable crude feedstock, financing the large build‑out, and limited affordability for many Nigerian retail investors.