Dangote Refinery’s N2.15trn IPO draws 60 advisers, 25 issuing houses, 32 brokers
By Aboki Forex —
Dangote Petroleum Refinery and Petrochemicals has assembled more than 60 institutions for its N2.15 trillion initial public offering. The refinery is offering 4.1 billion ordinary shares at N525 per share. The offer opens on September 14, 2026. It could become one of the largest public offers ever undertaken in Africa.
The capital raise is expected to support an ambitious expansion programme. The plan includes doubling refining capacity from 700,000 barrels per day to 1.4 million barrels per day. The undertaking is estimated to require about $14.27 billion in capital expenditure.
Investment banks and issuing houses
More than 60 institutions are involved in various capacities. They include 25 joint issuing houses and 32 stockbroking firms, alongside lawyers, accountants, auditors, registrars and other specialist advisers.
Vetiva Capital Management Limited and FirstCap worked behind the scenes on the transaction well before it came to market. Both firms had been working on preparations for more than a year, handling structuring, regulatory and execution processes. Vetiva emerged as Lead Issuing House and Lead Adviser. Its duties include transaction structuring, stakeholder engagement, regulatory coordination and overall execution of the offer. FirstCap is one of the major Joint Issuing Houses and was part of the core advisory group during the preparatory stages. Chapel Hill Denham Advisory Limited is among the Joint Issuing Houses.
Legal and accounting advisers
Banwo & Ighodalo is Solicitor to the Issuer, placing the firm on the Dangote Refinery side. It is advising on securities laws and regulatory requirements, reviewing offer documents, coordinating legal due diligence and supporting compliance with Securities and Exchange Commission and NGX requirements. The mandate extends an existing relationship with the Dangote Group. Banwo & Ighodalo has advised on Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company of Nigeria.
Olaniwun Ajayi LP and AELEX are also providing legal services. Olaniwun Ajayi brings experience from NNPC Limited’s $3.3 billion structured financing facility, Nigeria LNG’s $3 billion Train 7 financing project and Airtel Africa’s dual listing and IPO. AELEX has experience across capital markets, project finance, oil and gas, banking and infrastructure. It has advised on Sanlam’s partnership with MTN Group and AFEX Investment Limited’s N21 billion asset-backed commercial paper programme.
KPMG Professional Services is Reporting Accountant. It reviews and reports on financial information presented in the offer documentation, providing independent scrutiny of historical financial information for prospective investors. Its recent mandates include transaction advisory on Zenith Bank’s acquisition of Kenya’s Paramount Bank and involvement in the strategic sale of a 25% equity stake in Axxela to Japanese conglomerate Sojitz Corporation. Deloitte & Touche Chartered Accountants is auditor to the transaction.
Shariah review and registrar
Buraq Capital Limited was appointed to conduct a Shariah assessment of Dangote Refinery as the issuer and the shares being offered. The assessment examines the company’s business activities and applicable financial screening criteria for compliance with Shariah requirements. Coronation Registrars Limited is Registrar to the IPO. It will maintain investor records, process subscriptions, manage allotments and administer shareholder information. Its 2025 performance scorecard was cited in information reviewed.
The offer’s size and the number of advisers underline the operational scale of the transaction. With 4.1 billion shares on offer at N525 each, the IPO will test the capacity of issuing houses, stockbrokers and the registrar. It will also draw close attention from Nigerian investors watching one of the country’s largest capital market events.