The Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) today announced the commencement of its Initial Public Offering (IPO), marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets.

The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, bringing to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

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The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:” Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.

We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa.”

According to Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group: “The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.

Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.

At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.

This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”

Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange, and position Nigeria as a major exporter of petroleum products. Since commencing commercial operations, the Refinery has supplied premium-quality petroleum products to domestic and international markets while supporting industrial growth and economic transformation across the region.
The Company emphasized that participation in the offer has been designed to be accessible, transparent, and technology enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorized investment platforms, subject to the provisions contained in the Prospectus.

As the commencement ceremony takes place on the floor of the Nigerian Exchange today, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth, and long-term value creation for shareholders.

Former Anambra State Governor and NDC presidential candidate, Peter Obi, has raised fresh concerns over the state of Nigeria’s Primary Healthcare Centres (PHCs), warning that a large number of the facilities may not be functioning effectively.

Obi made the remarks in a post on his X account on Monday morning while reacting to a recent report that 97 per cent of assessed Primary Healthcare Centres across 16 states failed to meet the national staffing standard.

According to Obi, the situation goes beyond the figures contained in the report, as he argued that the findings could be extrapolated nationwide.

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“The recent report that 97% of assessed Primary Healthcare Centres across 16 states failed to meet the national staffing standard is not merely a statistic; it can be extrapolated nationwide, where about 80% of PHCs are not functioning. It reflects a serious risk,” Obi wrote.

He described health as the primary measure of development in any nation, stressing that it forms the foundation of an effective healthcare system.

“A country cannot build a healthy, productive population if its Primary Healthcare Centres lack the necessary staff to care for the people,” he said.

Obi highlighted the potential consequences of poorly staffed healthcare centres, particularly for pregnant women and children.

“Behind every understaffed PHC is a pregnant woman who might not receive timely care, and a child who could die from a preventable illness,” he stated.

He further argued that the challenges confronting Nigeria’s healthcare system contribute to the difficult living conditions faced by citizens.

“That is why Nigeria is currently classified among the most challenging and poorest places to be born and to live,” Obi said.

The former presidential candidate maintained that access to healthcare should not be determined by a person’s financial status.

“Healthcare should not be a privilege reserved for the wealthy. It is a basic responsibility of government,” he wrote.
Obi also questioned the way development is measured in the country, arguing that physical infrastructure alone should not be the primary yardstick for assessing progress.

“Progress is not best measured by flyovers, new bus stops, or airports that are rarely used. Instead, we should measure it by the number of lives saved, the number of operational health centres, the availability of qualified health workers, and the quality of care provided to ordinary Nigerians,” he said.

He warned that Nigeria could not achieve the transformation he described as a “New Nigeria” while citizens continued to die from preventable health conditions.

“We cannot create a New Nigeria while allowing our people to die from issues that a functioning Primary Healthcare system should prevent,” Obi stated.

He called for increased investment in Nigerians, stronger Primary Healthcare Centres, and the recruitment and retention of essential health workers.

“Our priorities must be clear: invest in our people, strengthen Primary Healthcare, recruit and retain essential health workers, and ensure every Nigerian, regardless of location or income, has access to quality, affordable healthcare,” he added.

For further call for national transformation, saying, “A New Nigeria is POssible.”

Nigeria’s ambassador-designate to Mexico, Reno Omokri, has explained why President Bola Ahmed Tinubu’s name became connected to an FBI investigation, insisting that the President was not the subject of the probe.

Omokri spoke on Channels Television’s Politics Today on Sunday as controversy over United States records linked to a 1990s investigation resurfaced.

According to him, the investigation involved people connected to funds that Tinubu, who was working as an accountant at the time, held on behalf of clients.

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“There was an investigation. Bola Ahmed Tinubu was not the subject of that investigation,” Omokri said.

He said the controversy had been driven by what he described as a misleading interpretation of Tinubu’s connection to funds that came under scrutiny by American authorities.

Omokri explained that the individuals connected to the funds had been indicted by the FBI and that some of the money was subsequently identified as suspicious.

“The President was an accountant, and then the President had client funds. Those persons had been indicted by the FBI, and as a result of that, it said that certain funds… are suspicious funds,” he said.

He added that when the issue was brought to Tinubu’s attention, the then-accountant agreed to the forfeiture of the funds.

“And then when it was brought to the attention of the President, the President agreed for a forfeiture. Now, it was to the accounts, not the President.”

Omokri reiterated that the existence of an FBI investigation could not be disputed, but maintained that Tinubu himself was not the person being investigated.

“There was an investigation. Bola Ahmed Tinubu was not the subject of that investigation,” he said.

Omokri cites 2003 FBI document

The ambassador-designate also referred to a 2003 FBI document which he said contained the outcome of checks conducted on Tinubu.

According to Omokri, the document showed that there was no criminal arrest record or outstanding warrant against the President.

He, however, declined to disclose the identities of the individuals who were investigated, saying he was unwilling to expose their families to unnecessary consequences.

Renewed controversy over US records
The latest comments come amid renewed debate over US records connected to the 1990s investigation and ongoing legal proceedings seeking access to documents held by American law-enforcement agencies.

The dispute includes 399 pages of records identified in Freedom of Information Act proceedings, with some of the documents reportedly redacted or withheld.

Omokri declined to comment on the contents of the documents, citing the pending court case.

He also argued against releasing potentially sensitive information contained in the records, saying such material could include biometric, familial and financial details.

According to him, releasing such information could provide political opponents with material that might be misused against the President.

“You don’t want those records in the hands of your enemies,” he said.