By Onu Okorie

Securities and Exchange Commission SEC has approved the commencement of a N2.15 trillion Initial Public Offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.
The regulatory approval was conveyed in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
According to the commission, the proposed offer comprises 4.1 billion ordinary shares at N525 per share, with the company expected to raise approximately N2.15 trillion if the offer is fully subscribed.
The SEC also disclosed that it had registered the company’s existing 120.13 billion ordinary shares, further advancing the refinery’s transition into the public capital market.
The approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a major milestone in the IPO process.
The commission described the clearance as another significant step in the evolution of Dangote Petroleum Refinery, noting that the offering would create investment opportunities in one of Africa’s most strategic industrial assets while further deepening Nigeria’s capital market.
World-Class Refinery
Located in Ibeju-Lekki, Lagos State, the Dangote Refinery and Petrochemicals Complex occupies approximately 2,635 hectares and houses an integrated refining and petrochemicals facility.
The refinery currently has a capacity of 700,000 barrels per day, making it the world’s largest single-train refinery. The complex also includes a polypropylene plant with a production capacity of 900,000 tonnes per annum and is powered by a dedicated 435-megawatt power plant.
At full production, the refinery is designed to meet a substantial portion of Nigeria’s domestic demand for refined petroleum products while generating significant volumes for export.
The company is also undertaking an expansion programme expected to increase refining capacity to 1.4 million barrels per day. If completed as planned, the expansion would make the facility the largest refinery in the world.
The refinery is supported by extensive infrastructure, including a self-sufficient marine facility designed to improve logistics and freight efficiency.
The complex has the world’s largest single order of five Single Point Moorings (SPMs) and incorporates processing technology designed to comply with World Bank, United States Environmental Protection Agency (EPA), European emission standards and Nigerian regulatory requirements.
Its integrated port infrastructure features multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.
The facility also has a vast storage network comprising 177 tanks with a combined capacity of 4.742 billion litres. With SEC approval now secured, Dangote Petroleum Refinery and Petrochemicals FZE is set to embark on a landmark public offering that could substantially broaden investor participation in one of Nigeria’s most significant industrial projects.
If fully subscribed, the N2.15 trillion IPO would rank among the biggest capital-raising exercises ever undertaken in Nigeria’s capital market, underscoring the growing significance of the Dangote refinery to the country’s energy sector and broader economy.