Dangote Refinery shares may start trading December 8 after ₦2.15 trillion IPO

Nigerian investors may be able to buy and sell shares in Dangote Petroleum Refinery and Petrochemicals from December 8, 2026, after the company closed a ₦2.15 trillion initial public offering. The date is provisional and depends on SEC approval and Nigerian Exchange Limited (NGX) admission requirements.

Offer timetable

The public offer closed on October 27, 2026, after the subscription deadline was extended from October 13 to give investors more time. The offer covered 4.1 billion ordinary shares at ₦525 each. A full subscription would raise ₦2.1525 trillion.

Under the revised timetable, registrars were expected to complete collation of applications by November 3. The proposed basis of allotment is due for submission to the Securities and Exchange Commission on November 10. Regulatory clearance is targeted for November 17. Shares will then be credited to successful investors' Central Securities Clearing System accounts. Trading could begin around December 8, subject to regulatory clearance and NGX requirements.

Valuation and market impact

Market estimates put Dangote Refinery's implied equity valuation at about ₦65.22 trillion. That is based on the offer price and enlarged share capital. It is different from the ₦2.15 trillion expected from the IPO, which is the proceeds from the shares offered and not the company's total value.

If the listing is completed as projected, it could push the NGX's total market capitalisation towards ₦230 trillion. It could also draw more attention from domestic and foreign institutional investors. The actual impact will depend on final allotment, shares admitted for trading and market valuation after listing.

What it means

For Nigerians waiting to trade the shares, December 8 remains the anticipated date, not a confirmed start date. The listing would give investors direct exposure to one of Africa's largest petroleum refining businesses. The refinery's size means the transaction ranks among Nigeria's largest proposed equity offerings and could expand the capital market.

Separately, Aliko Dangote, Nigeria's wealthiest businessman, is in talks with Egyptian authorities over a potential investment of between $10 billion and $15 billion in oil refining and petrochemicals. The talks gained momentum after Egypt's Minister of Investment and Foreign Trade, Mohamed Farid Saleh, visited Dangote Industries Limited's headquarters in Lagos on Sunday with senior government and industry officials.