By Ghazali Ibrahim
The Dangote Petroleum Refinery IPO is set to open on September 14, giving Nigerians an opportunity to buy shares in Africa’s largest single-train refinery.
The company is offering 4.1 billion shares at ₦525 each, with investors able to start with 10 shares for ₦5,250. The offer closes on October 13, 2026.
The IPO has attracted attention following the refinery’s strong financial performance.
It reported a profit after tax of $1.82 billion in the first half of 2026, after recording a $476 million loss for the whole of 2025.
However, prospective investors should consider the risks before putting their money into the offer.
The refinery still faces questions around securing enough crude oil at competitive prices.
It was reported that between 30 and 40 per cent of its crude supply was being imported as the company works to secure more Nigerian crude.
The company also plans to spend about $14.3 billion to double its refining capacity to 1.4 million barrels per day by 2029.
Changes in government policy, fuel prices, crude oil costs and global refining margins could also affect the company’s future earnings.
The official IPO information warns investors that share prices can rise or fall and that investors may lose part or all of their investment.
For prospective investors, the strong recent profits may make the IPO attractive, but the refinery’s future performance will depend on its ability to maintain production, secure crude and successfully execute its expansion plans.
