SEC Clears Dangote Refinery’s ₦2.15tn IPO Plan

The Dangote Petroleum Refinery and Petrochemicals FZE is set to proceed with its Initial Public Offering (IPO) after receiving approval from the Securities and Exchange Commission (SEC).

The regulatory clearance could pave the way for one of the biggest capital market transactions ever recorded in Nigeria, with the proposed share offering potentially raising about ₦2.15 trillion.

According to the SEC’s approval letter sent to Vetiva Advisory Services Limited, the Lead Issuing House, the refinery plans to offer 4.1 billion ordinary shares at ₦525 each.

The Commission has also registered 120.13 billion existing ordinary shares of the company.

With the approval, Dangote Petroleum Refinery can now move ahead with its Completion Board Meeting and Signing Ceremony after the SEC cleared the draft offer documents.

The development marks a significant stage in the refinery’s journey and could provide investors with an opportunity to take part in one of Africa’s most strategically important industrial assets.

The Dangote Refinery and Petrochemicals Complex, situated in Ibeju-Lekki, Lagos, spans about 2,635 hectares and houses an integrated refining and petrochemicals operation.

The facility currently has the capacity to process 700,000 barrels of crude oil per day, making it the world’s largest single-train refinery. It also features a 900,000-tonnes-per-annum polypropylene plant and a dedicated 435-megawatt power plant.

Designed to meet Nigeria’s domestic requirements for refined petroleum products, the refinery is also expected to produce significant quantities for international export markets when operating at full capacity.

An ongoing expansion project is expected to increase its refining capacity to 1.4 million barrels per day, potentially making it the largest refinery in the world.

The complex is supported by extensive infrastructure, including a self-sufficient marine facility aimed at enhancing logistics and freight operations.

It also has the world’s largest single order of five Single Point Moorings (SPMs) and uses advanced processing technology that meets World Bank, US Environmental Protection Agency (EPA), European emission standards and Nigerian regulatory requirements.

The refinery’s port facilities include several quays capable of accommodating Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.

Its storage infrastructure comprises 177 tanks with a combined capacity of 4.742 billion litres.

Following the SEC’s approval, Dangote Petroleum Refinery is now set to enter a potentially historic phase as it prepares for a public offering that could substantially widen investor participation in the landmark industrial project.

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