NEWS
‘Everybody Will Have Stakes’ — Dangote Unveils Refinery IPO
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has declared that Nigerians from all walks of life will have the opportunity to own stakes in the Dangote Petroleum Refinery through its Initial Public Offering.
Dangote made the statement on Monday during the official signing ceremony for the refinery’s IPO in Lagos.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.
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The IPO will see the refinery offer 4.1 billion ordinary shares at ₦525 per share, giving investors an opportunity to become shareholders in one of Africa’s biggest industrial projects.
The official application list is scheduled to open on September 14, 2026, and will close on October 9, 2026, after 25 days.
Investors can subscribe to a minimum of 100 shares valued at ₦52,500, with subsequent subscriptions available in multiples of 50 shares.
The landmark signing ceremony was attended by prominent figures in Nigeria’s business and financial sectors, including Zenith Bank Chairman, Jim Ovia, and Heirs Holdings Chairman, Tony Elumelu.
Located in the Lekki Free Zone, Lagos, the Dangote Refinery has a refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.
The refinery, which was commissioned in May 2023 after nearly a decade of construction, attracted an investment of approximately $20 billion.
According to details of the IPO, proceeds from the public offer will be used to support a major expansion of the facility, with the company targeting an increase in processing capacity to 1.4 million barrels per day.
If achieved, the expansion would make the facility the largest operating oil refinery in the world, surpassing India’s Jamnagar refinery complex.
At ₦525 per share, the refinery has an estimated market valuation of about $47 billion, while a fully subscribed IPO could increase the total market capitalisation of the Nigerian Exchange by an estimated 30 to 40 per cent.
The company has also proposed paying dividends in US dollars, with foreign exchange earnings from refined petroleum products and petrochemical exports expected to support the dividend plan.
The public offering follows a $2.5 billion private placement completed in July as Dangote Industries seeks to raise additional capital for the refinery’s expansion.
Osun State Governor, Senator Ademola Adeleke, has hailed the state’s strong performance in the 2026 National Examinations Council (NECO) Senior School Certificate Examination.
In a government house statement issued on Tuesday in Osogbo he described the result as a positive reflection of ongoing efforts to reposition education in the state.
Osun placed fifth nationally in the 2026 NECO ranking, with 74.31 percent of candidates recording at least five credits, including English Language and Mathematics, the statement pointed out.
While congratulating the students, teachers, parents, school administrators and other stakeholders, the governor noted that the state performance has been improving within a single digit rating for three consecutive years namely 2024, 2025 and 2026.
“Osun has moved from 33rd position in the 2022 NECO ranking to 5th in 2026, while improving its pass rate to 74.31 per cent. This is encouraging, and it shows that our sustained interventions in the education sector are yielding positive results,” the Governor said.
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Gov Adeleke said the improved performance reflects his administration’s deliberate investment in the education sector, including the recruitment of additional teachers to strengthen the teaching workforce, while prioritising workers’ welfare and creating a more conducive environment for effective teaching and learning across public schools.
The Governor said the performance reinforces his administration’s determination to continue investing in education, noting that the objective is to build a system that gives every Osun child the knowledge, skills and opportunities needed to succeed.
“This result is encouraging, but we see it as a reason to do more. We will continue to invest in our schools, improve the learning environment, support our teachers and provide our students with the necessary tools to excel.
“We are building an education system that prepares our young people not only for examinations but for life,” the Governor said.
He assured that ongoing interventions in the education sector would be sustained and expanded, while urging students to remain committed to their studies.
His Excellency also commended teachers across the state for their dedication and sacrifices, assuring them that the administration would continue to prioritise measures that strengthen the education system and improve workers’ welfare.
Nigeria is gunning for more value through domestic refining, petrochemicals and associated industrial activities.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated this on Monday through his Technical Adviser on Regulation, Umar Gwandu, who represented him at the third Nigeria Oil Refining Summit (NORS) put together by the Crude Oil Refiners Association of Nigeria (CORAN) in Lagos.
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According to him, Nigeria has, for decades, produced crude oil on a significant scale while remaining heavily dependent on imported petroleum products.
He said the strategic direction for Nigeria is “to progressively move from an economy that primarily exports crude to one that increasingly captures value through domestic refining, petrochemicals, and associated industrial activities”.
Lokpobiri said the Federal Government is strengthening the Domestic Supply Obligation to ensure domestic refineries have reliable access to crude, stressing that the policy is critical to the country’s energy security.
“The Domestic Supply Obligation should therefore not be viewed merely as an administrative allocation mechanism. It is an important instrument for advancing national energy security and strengthening the linkage between our upstream and downstream sectors,” he stated.
He said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has developed a DCSO framework in consultation with the Nigerian National Petroleum Company Limited (NNPC Ltd), the Oil Producers Trade Section, the Independent Petroleum Producers Group, CORAN and other domestic refining interests.
“The Federal Government expects this framework to continue evolving from a regulatory obligation into a reliable, transparent, and commercially bankable crude supply system capable of supporting the sustainable operation of domestic refineries,” the minister said.
With a view to strengthening the enforcement of environmental laws so as to sustain a clean, healthy and habitable environment throughout the state, the Osun State Government has set up a Special Task Force on Environmental sanitation.
The Task Force, according to a government house statement issued on Monday in Osogbo, is to be chaired by the state Head Of Service, Samuel Ayanleye Aina and deputised by the Hon. Commissioner for Environment and Sanitation, Hon Mayowa Adejoorin.
The core mandate of the taskforce according to a statement issued by the state commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, is to tackle environmental infractions throughout Osun state particularly indiscriminate waste disposals in drains and roadsides as well as other places that have the potential of constituting environmental nuisances.
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The state government particularly viewed with great concern and accordingly flayed the indiscriminate manner with which people litter many places including road medians with dirts and debris of different kinds, an act which it further noted could cause serious environmental hazards.
The State Government while putting in place the taskforce urged its members to ensure that all enforcement activities are diligently carried out in accordance with the law.
The government warned that offenders will be prosecuted if, henceforth, they are caught or found culpable in one way or the other in negating all the environmental laws of the state.
It also urged the Special Task Force on Environmental sanitation to remain committed to due process in the discharge of its core duties and mandates.
Other members of the Samuel Ayanleye Aina led Special Task Force on Environmental sanitation are the Hon. Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, Special Adviser to the Governor on Political Affairs, Alh.Muniru Raji, General Manager, Osun State Waste Management Agency(OWMA), Mr Oyewole Fatai Oladosu and Mr.K.K.Oyelami.
Other members of the taskforce are Osun Amotekun Corps Commander, Hon. Omoyele Isaac Adekunle, Hon. Commissioner for Women Affairs, Chief (Mrs) Ayobola Fadeyi Awolowo and Special Adviser to the Governor on Market Affairs, Mrs Eniola Omotoso.
The task force is to commence work with immediate effect.
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