In a move that could rewrite Nigeria’s investment history, Aliko Dangote and his advisers put pen to paper yesterday in Lagos, sealing the launch of the biggest public offer Africa has ever seen.
The N2.15 trillion Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals (DPRP) is open to the public.
The Signing That Shook Lagos
Inside a packed boardroom, Dangote, President and CEO of Dangote Group, signed alongside Vetiva Advisory Services, the lead issuing house. The ceremony followed final approval from the Securities and Exchange Commission.
This is not just paperwork. It is the green light for 4.1 billion ordinary shares to hit the market at N525 per share, with a minimum entry of just 10 shares or N5,250.
“This IPO is not only about raising capital; it is about democratising wealth creation,” Dangote said. “Drivers, cleaners, housemaids — everybody will have the chance to own a stake. It’s a legacy we are laying down. Nobody will live forever.”
N5,250 To Own A Dream
Analysts are calling it the largest retail investment drive on the continent. The deliberately low entry point is designed to pull in millions of everyday Nigerians, not just billionaires and fund managers.
The offer comes at a perfect time. Nigeria’s return to Frontier Market status by FTSE Russell has reignited foreign interest, and investor appetite is already boiling. In July, a $2.5 billion private placement was oversubscribed by 270%.
DPRP, the 6,180-acre giant in Lekki Free Zone, is the world’s largest single-train refinery. The IPO funds will double capacity from 700,000 to 1.4 million barrels per day.
A $50 Billion Bet On Nigeria’s Future
Valued at nearly $50 billion, the listing later this year could swell the Nigerian Exchange’s market cap by more than one-third.
Group Managing Director of Vetiva, Chuka Eseka, said the offer marks a watershed for both the capital market and Africa’s industrial ambition. Market watchers believe its success will set a new template, forcing other Nigerian giants to the public square.
For millions, Monday isn’t just another market opening. It’s the day ownership of Africa’s energy future got a lot closer to home.
