Dangote Petroleum Refinery and Petrochemicals is preparing to list its shares on the Nigerian Exchange Limited (NGX), with its revised offer schedule pointing to a possible trading debut around 8 December 2026.
The timetable depends on the Securities and Exchange Commission (SEC) approving the allocation of shares and the company completing settlement and exchange admission requirements. The proposed date therefore remains provisional.
Under the revised programme, the issuing houses plan to submit the proposed basis of allotment to the SEC on 10 November, following the scheduled collation of subscription applications by 3 November. The company has targeted 17 November for regulatory clearance of the allotment.
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| Dangote Petroleum Refinery in Lekki, Lagos. FrankvEck / Wikimedia Commons, CC BY-SA 4.0. |
The schedule allows 15 business days after allotment approval for successful applicants to receive shares in their Central Securities Clearing System (CSCS) accounts and for trading to commence. Counting that interval from the targeted approval date points to 8 December, provided the preceding stages proceed as planned.
The refinery’s official IPO portal confirms that applications are undergoing checks after the subscription window closed on 27 October. The offer opened on 14 September, with an initial closing date of 13 October before the SEC approved an extension.
The company said the additional subscription period would accommodate participation across African markets, including investors completing account-opening, identity verification and other regulatory requirements.
The offer comprises 4.1 billion new ordinary shares at ₦525 each. Full subscription to those shares would generate gross proceeds of ₦2.1525 trillion, before transaction expenses.
According to the offer prospectus, estimated expenses of approximately ₦41.49 billion would leave net proceeds of about ₦2.111 trillion for capital expenditure under the refinery’s expansion programme.
The prospectus places the company’s indicative market capitalisation at listing at approximately ₦65.22 trillion. That valuation applies the offer price to its enlarged issued shares, including existing holdings and the new shares available through the IPO.
Full allotment of the base offer would increase issued shares from approximately 120.13 billion to 124.23 billion. The ₦2.1525 trillion fundraising target consequently represents the subscription value of the new shares, while the indicative market capitalisation covers the enlarged company.
The Guardian reported that the admission could take the total value of equities listed on the NGX towards ₦230 trillion. That remains a market projection, dependent on the final listing and movements in the prices of other quoted companies.
For subscribers, the next formal confirmation will come through the allotment announcement. The company has explained that an application receipt or payment confirmation establishes receipt of an application or funds, but does not establish the number of shares an investor will receive.
Its post-offer process provides for refunds where applications are rejected or investors receive fewer shares than requested. Successful applicants will receive their allotted holdings through the CSCS settlement process.
The refinery says it will publish allotment results, refund arrangements and the confirmed commencement date through its official investor channels as the required approvals are completed.