Investors on Monday flooded the Nigerian Exchange (NGX) as the N2.15 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals opened to the public.

The offer attracted strong interest shortly after the opening gong ceremony at the NGX trading floor in Marina, Lagos, attended by government officials, traditional rulers and major capital market operators.

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, sounded the gong to formally open the offer, making the refinery the first petroleum refinery to be offered to investors on the Exchange in its 66-year history.

The IPO comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The subscription opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

The offer is open to retail, institutional and eligible African investors.

Dangote urged Nigerians, including teachers, artisans, civil servants and students, to invest in the refinery, describing the offer as an opportunity for ordinary citizens to own a stake in the strategic asset.

“The Dangote refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset,” he said.

Dangote said the refinery was already generating strong revenues and profitability, adding that shareholders could benefit from returns and dividend prospects while building wealth for future generations.

He said the public offer was also the beginning of a broader plan to list more companies within the Dangote Group.

“We fully share all our prosperity with the people. That’s why we call this a ‘People’s IPO.’ We know the journey has actually just started. It’s not only about the refinery,” he said.

He disclosed that the group planned to list all its operating entities in the future, projecting that its market capitalisation could exceed $350 billion by 2030 based on a 10 times price-to-earnings ratio.

“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350bn,” he stated.

Dangote said the Nigerian Exchange would serve as the group’s primary platform for pursuing dual listings on other international exchanges.

“From this exchange, then we can go to any other place. Nigeria and Africa are our base. We want to make sure that we join our continent,” he said.

He said the IPO reflected the group’s commitment to broadening ownership and allowing citizens to benefit from businesses contributing to economic transformation.

“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated.

Dangote disclosed that the refinery generated approximately N19.47 trillion in revenue in the first half of 2026, while profit after tax stood at N2.55 trillion.

At the offer price of N525 per share, the refinery is expected to have an implied market capitalisation of about N65.22 trillion.

When combined with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion on the Nigerian Exchange.

A Bloomberg report said Dangote’s net worth could rise to as much as $58.2 billion following the IPO, an increase of about $22.9 billion from his estimated wealth of $35.3 billion, according to the Bloomberg Billionaires Index.

Bloomberg added that the increase could move the Nigerian billionaire ahead of US hedge fund manager Ken Griffin and technology billionaire Eric Schmidt on the global wealth ranking.

Speaking at an IPO signing ceremony in Lagos, Dangote urged Nigerians and Africans to take a more active role in developing their economies.

“We, as Nigerians and Africans, must be bold and lead the change to develop our economies; only then will the others take us very seriously, only then we’ll be in a position to negotiate and walk away with terms we deserve, not those terms that are given to us,” he said.

The Chairman of NGX Group, Umaru Kwairanga, described the transaction as a defining milestone for Africa’s capital markets and a demonstration of the continent’s capacity to finance large-scale projects.

Lagos State Governor, Babajide Sanwo-Olu, said the offer would open up investment opportunities to a wide range of Nigerians.

“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, commended the accessibility of the offer, noting that the N5,250 entry point would enable retail investors across the country to participate directly in wealth creation.

Former NGX President, Aigboje Aig-Imoukhuede, also highlighted the swift capital inflow recorded in the data room, saying the overwhelming early response demonstrated strong investor confidence in the company’s governance and financial outlook.

The Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for showing that African ambition could produce industrial projects of global significance.

Meanwhile, the Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery had become the largest single supplier of refined petroleum products to Europe while maintaining safe, reliable and efficient operations.

Bird added that the company remained focused on achieving its Vision 2030 target of becoming the world’s largest integrated refinery and petrochemical complex.

Dangote said the refinery had fulfilled its core vision of helping Nigeria move from a major importer of refined petroleum products to a significant refining and export hub.

He said the group’s expansion across Africa was aimed at supporting industrialisation and strengthening the continent’s economic capacity.

“Our vision 2030 and mantra at the Dangote Group is accelerating Africa’s industrialization. As we continue to invest in Nigeria as the powerhouse in Africa, we must also preach and take this gospel to other parts of the continent,” he stated.