The Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO), has been described as an important precedent in the Nigerian capital market.

Sharing the view in a statement on Monday, Olaniwun Ajayi LP also expressed its pleasure at having advised on the IPO while acting as Joint Solicitor to the transaction.

According to a Forbes report on Monday, Africa’s richest man, Aliko Dangote, saw his fortune rise to $51.3 billion following the launch of the refinery’s highly anticipated IPO on the Nigerian Exchange (NGX), amid strong investor demand on the opening day.

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The transaction was brought to the market by a consortium of professional advisers, including Olaniwun Ajayi LP, which acted as the Joint Solicitors to the issue.

In that capacity, the firm advised Dangote Refinery on the legal aspects of the offer, from transaction structuring and regulatory engagement through to launch

According to the law firm, the transaction is expected to be the largest IPO in both Nigeria and Africa, marking the first public offer of shares by a Nigerian Free Zone Enterprise (NFZE) in Nigeria.

The law firm stated that the transaction matters beyond the deal as it “establishes an important precedent for capital raising by Free Zone Enterprises”, while contributing to the continued development of the Nigerian capital market.

It added that the proceeds are intended to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity.

The law firm stressed that the offer broadens public participation in one of Africa’s most significant industrial assets.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured investors that the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE presents a compelling opportunity for strong returns and sustainable wealth creation, positioning the offer as a chance for Nigerians and Africans to participate in one of the continent’s most significant industrial achievements.

Speaking during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote described the $1.6 billion offer as the largest IPO ever undertaken in Africa, underscoring the company’s commitment to broadening ownership and enabling millions of individuals to benefit from the value generated by a world-class industrial enterprise.

According to him, the refinery IPO is more than a capital raising exercise; it is an opportunity for investors to become part owners of a strategic asset that is already delivering strong operational and financial results.

“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy. By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote Refinery will continue to create for decades to come.”

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He emphasised that the offer reflects the Group’s long-standing philosophy of creating prosperity through broad ownership, enabling ordinary citizens to share in the success of transformational businesses

Dangote noted that the refinery has already fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.

“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated

The IPO has been structured to encourage broad participation, with 4.1 billion ordinary shares offered at N525 per share and a minimum subscription of just 10 shares valued at N5,250. The offer is expected to attract a diverse range of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds and members of the Nigerian diaspora.

Highlighting the refinery’s financial strength, Dangote disclosed that the company generated approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax reached N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.

At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22 trillion. Together with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.

Commenting on the significance of the transaction, NGX Group Chairman, Umaru Kwairanga, described the offer as a defining milestone for Africa’s capital markets and a demonstration of the capacity of African capital to finance large-scale projects capable of accelerating economic growth and development across the continent.

Similarly, Lagos State Governor, Babajide Sanwo-Olu, hailed the IPO as a watershed moment for Africa’s financial markets, noting that it reinforces confidence in the continent’s ability to mobilize capital and invest in its own future.

“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.

Also speaking, Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.

For his part, Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe and continues to maintain safe, reliable and efficient operations. He added that the company remains focused on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.

Reaffirming the significance of the offer, Dangote said the IPO represents an opportunity for investors to move from consumers to owners and participate in the long-term growth of one of Africa’s most strategic industrial enterprises.

“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” he said.

Photo Caption: L-R: Ooni of Ife, Adeyeye Enitan Ogunwusi; Managing Director, Coronation Asset Management Limited, Aigbovbioise Aig-Imoukhuede; Group Chairman, NGX Group, Dr Umaru Kwairanga; President/CE, Dangote Industries Limited, Aliko Dangote; Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola; Lagos Governor, Babajide Sawo-Olu; Group Executive Director, Commercial Operations, Oil & Gas, Fertiliser and WAEP, Fatima Aliko-Dangote, at the Dangote Petroleum Refinery & Petrochemicals Initial Public Offering (IPO) Facts Behind the Figure presentation at the Nigerian Exchange (NGX), Lagos on Monday, September 14, 2026.

The President of Dangote Industries Limited (DIL), Aliko Dangote, has expressed support for the economic reforms of the President Bola Ahmed Tinubu administration, particularly the removal of the fuel subsidy and the liberalisation of the foreign exchange market.

The industrialist gave the commendation in Lagos on Monday at the Nigerian Exchange Group (NGX) during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals (DPRP).

He also commended Tinubu’s leadership and said the Dangote Refinery was supporting the administration’s efforts.

“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate…” Dangote said.

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He assured that the Dangote Group would continue working with the government to contribute to Nigeria’s development.

“So, we thank you very much for your leadership and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.

Dangote, a former president of the Nigerian Exchange, also expressed surprise at the transformation of the bourse, saying he had not expected it to reach its current level.

“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.

He revealed that a more grand ceremony would be held with Tinubu in attendance.

The refinery’s IPO, which opened on Monday, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer is scheduled to close on 13 October 2026, subject to the terms of the prospectus.