President of Dangote Industries Limited, Aliko Dangote, has described the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals as a “People’s IPO” as the N2.15tn offer officially opened on the Nigerian Exchange on Monday.

Dangote sounded the gong at the NGX trading floor in Lagos to formally open the offer, marking a major milestone for Nigeria’s capital market.

The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

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The offer, which opened on September 14, 2026, is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

Speaking after sounding the gong, Dangote said the offering was aimed at widening public participation in the ownership of the refinery.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.

“It’s not only about the refinery.”

The Dangote Refinery IPO is the first refinery offering to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.

The offer is open to retail, institutional and eligible African investors, providing members of the public with an opportunity to acquire an interest in one of Africa’s largest industrial projects.

Dangote also disclosed that the IPO was part of a broader plan by the Dangote Group to list more of its companies on the capital market.

He said the group intended to list every company that would operate under its umbrella in the future.

“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.

The businessman added that the Nigerian Exchange would provide a platform for the group to pursue listings on other international exchanges.

“From this exchange, then we can go to any other place.

“So, Nigeria and Africa is our base. We want to make sure that we join our continent.”

The Dangote Refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major investment in Nigeria’s domestic refining capacity and efforts to reduce dependence on imported petroleum products.

The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, NGX Group Chairman Umaru Kwairanga, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, Zenith Bank founder Jim Ovia and other dignitaries.

The N2.15tn IPO will remain open until October 13, 2026, subject to the terms contained in the prospectus.

A 0.4 percent increase from the 1.67 million bpd recorded in July saw Nigeria’s crude and condensate production rise to 1,677,777 barrels per day in August 2026.

The growth, disclosed in a statement by Head, Media and Corporate Communications, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, on Sunday.

Another interesting aspect of the report is that it shows Nigeria’s consistent compliance with the Organisation of Petroleum Exporting Countries (OPEC) crude oil quota for the fourth consecutive month.

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According to the regulator, crude oil production, excluding condensates, stood at 1,500,190 barrels per day in August.

The report revealed that Nigeria meeting her OPEC quota for the fourth consecutive month, reflects continued efforts by operators to restore affected production capacity and address operational bottlenecks.

The latest increase followed the resolution of operational challenges involving the Single Buoy Mooring at the Erha field, which had affected production performance in the preceding month.

The NUPRC said the restoration of normal evacuation and production operations at the asset contributed positively to the overall output recorded during the month.

The statement read, “The NUPRC attributed the modest improvement in August production largely to the resolution of the Single Buoy Mooring operational challenges at the Erha field, which had adversely impacted production performance in the preceding month.

“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review.”

The regulator added that production activities across most other producing assets remained relatively stable, with operators sustaining measures aimed at improving efficiency, maintaining asset integrity and reducing operational disruptions.

According to the commission, the lowest daily crude oil and condensate production recorded in August was 1.64 million bpd, while the highest stood at 1.71 million bpd.

A breakdown of production by terminals and streams showed that the Bonny Terminal recorded the highest average output during the month, accounting for 320.04 thousand bpd.

Forcados Terminal followed with 317.40 thousand bpd, while the Qua Iboe Terminal recorded an average of 171.72 thousand bpd of crude oil and condensates.

Escravos Oil Terminal posted a daily average of 131.71 thousand bpd, while Bonga ranked fifth among the leading producing terminals with an average of 92.50 thousand bdp of crude oil.

The August output represented an increase of 6,777 bpd from July’s 1,671,000 barrels per day, based on the rounded July figure. It was also 57,621 bpd, lower than the 1,735,398 bpd recorded in June.

The June figure represented a decline of about 3.3 per cent in August when compared with the latest available June production data.

The NUPRC said the August performance reflected the industry’s continued efforts to resolve operational constraints and restore affected production capacity.

It stated, “While the increase recorded in August was modest, it reflects the industry’s continued efforts to address operational bottlenecks and restore affected production capacity.

“Stakeholders remain focused on enhancing asset reliability, improving operational resilience and advancing intervention programs to support sustained production growth in the coming months.”

The regulator further emphasised the importance of timely intervention, effective asset management and collaboration among industry stakeholders in safeguarding the country’s crude oil production capacity.

Nigeria’s oil production has remained a major focus of government efforts to increase revenue, improve foreign exchange earnings and strengthen the country’s ability to meet its OPEC production quota.

Alhaji Aliko Dangote, President, Dangote Industries Limited (DIL), Aliko Dangote, has assured small-scale investors eager to own equities through his refinery’s Initial Public Offering ((IPO) that they would be prioritised in the allocation of shares.

He delivered his message in Hausa during an interview with Abis Fulani, which was translated by Google Gemini, while discussing the planned IPO and its potential benefits to investors.

The interview was published on Thursday but gained traction on Saturday.

According to Dangote, retail investors seeking to buy shares worth N50,000, N100,000 and other smaller amounts would receive priority over large institutional investors.

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He said, “When you do something like this—what is called an IPO—all the small-scale investors are the ones who will be given priority first.

“The big institutional investors who request large allocations will not get everything they ask for. But the small retail investors who want to buy N50,000 worth, or some buying N100,000 worth, and so on, they are the ones who will be given priority allocations.”

He said the remaining shares would subsequently be distributed among investors.

On the potential value of the shares, Dangote said the current N525 price could increase substantially, projecting that it could eventually reach N10,000.

He said, “As I was saying, this share, if you look at it, we are currently at N525. A day will come when this share will reach N10,000.

“Therefore, if you hold it, having bought it, and it rises to N10,000, where you previously invested N5m, it will now be worth over N50m. You see, you have become wealthy.”

Dangote further said shareholders could choose to receive dividends in either naira or dollars, saying the option could help investors cope with currency depreciation.

He said the dollar option would be particularly useful to Nigerians with financial obligations abroad, including parents with children studying in the United Kingdom.

Dangote said, “The benefit of buying it is that holding this share will not prevent you from carrying out your regular work. You hold this share, and when dividends are paid, you won’t need to fear currency devaluation.

“That is because you can choose to receive your dividend in Naira or in Dollars. If you have a child studying at a school in England, for example, even if there is economic instability or currency devaluation—may God protect us—having this means what you receive is in Dollars.”

He recalled the sharp depreciation of the naira against the dollar, saying the exchange rate had risen from about N400 to the dollar to N1,800.

“So your child won’t have to… avoid exchange rate shocks, like when rates moved from N400 up to N1,800.

“Most children were brought back home as a result. So what we want to prevent is that kind of situation,” he said.

The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at N525 each. A full subscription is expected to raise about N2.15tn, while the minimum subscription is 10 shares, costing N5,250. The offer is scheduled to run from September 14 to October 13, 2026.

After the offer closes, applications will be processed and investors will be informed of their allotments. Applying for a particular number of shares does not guarantee that an investor will receive the full amount requested, particularly if the offer is oversubscribed.

The shares are expected to be listed on the Nigerian Exchange Main Board after the allotment process, after which their market price will be determined by demand and supply.

While Dangote projected that the shares could eventually reach N10,000, the N525 offer price does not guarantee a future market price or return.

The share price could rise or fall after listing depending on the company’s performance, investor sentiment, refining margins, demand and broader economic conditions.

The IPO proceeds are expected to support the refinery’s expansion, with the company planning to increase its refining capacity from about 650,000–700,000 barrels per day to 1.4 million barrels per day.