Nigeria’s Securities and Exchange Commission has given regulatory clearance for the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE. The company plans to offer 4.1 billion ordinary shares priced at N525 apiece, a transaction that could raise about N2.15 trillion if fully subscribed.
The approval, contained in a letter to lead issuing house Vetiva Advisory Services Limited and signed by Abdulkadir Abbas, director of the SEC’s Securities and Investment Services Department, clears the draft offer documents. It also authorises the company to hold its Completion Board Meeting and Signing Ceremony, the next formal steps in the process. In addition to the new shares, the SEC has registered the refinery’s existing 120.13 billion ordinary shares. The Dangote Group described the move as a significant milestone that will allow investors to buy into one of Nigeria’s largest industrial projects as the facility prepares to become a publicly listed company.
The 700,000-barrels-per-day refinery in Ibeju-Lekki, Lagos, is currently being expanded with the aim of doubling capacity to 1.4 million barrels per day. It features a self-sufficient marine terminal, the world’s largest single order of five Single Point Moorings, and processing technology designed to meet World Bank, US EPA, European and Nigerian emission standards. Its port can handle Panamax vessels, liquid cargo and roll-on/roll-off traffic, while its storage system comprises 177 tanks with a combined capacity of 4.742 billion litres.
Aliko Dangote has previously indicated that the IPO forms part of a broader plan to widen ownership of the refinery and is expected to rank among the largest capital-market transactions in Nigeria.
Separately, the Aliko Dangote Foundation has signed a memorandum of understanding with the Kano State Government to take over management of the Aliko Dangote Skills Acquisition Centre in the state for several years. The foundation will run programmes focused on technical, digital and industrial skills for young people. A similar centre in Ganaja, Kogi State, has been completed and is scheduled for inauguration.
Local business and media figures in Kano welcomed the skills initiative, describing it as a practical response to youth unemployment and a complement to government efforts in the commercial hub of northern NigeriaWham
With SEC approval secured, the company can proceed with the remaining formalities of the offering. The skills-centre programmes in Kano are expected to begin under the new management arrangement once operational details are finalised.
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