Investors poured a whopping N1.5 trillion into the Dangote Petroleum Refinery and Petrochemicals (DPRP) Initial Public Offering (IPO) within first hour after the offer opened on Monday, September 14, 2026, on the Nigerian Exchange (NGX), signalling strong institutional and retail demand for what is set to become Africa’s largest public share offer.
The offer, comprising 4.1 billion ordinary shares priced at N525 each, opened on the Nigerian Exchange (NGX) with a target of raising approximately N2.15 trillion, or about $1.6 billion, and will run until it closes on October 13, 2026.
But within the first one hour after the offer opened, a whopping N1.476 trillion was recorded in 402,634 transactions by investing public, according to the tweet by the Nigerian Exchange Group (NGX) using its verified official X handle.
The IPO opened in the early hours of Monday with subscriptions accessible through roughly 55 approved electronic application channels, the largest digital distribution network ever deployed for a Nigerian IPO.
The offer carries an additional greenshoe option of up to 30% to accommodate excess demand beyond the base 4.1 billion shares.
Speaking at the “Facts Behind the Offer” presentation and ceremonial Gong Striking ceremony at the NGX headquarters in Lagos, Dangote Group President Aliko Dangote framed the offer’s purpose around broadening market access rather than fundraising for its own sake.
Investors without an existing Central Securities Clearing System (CSCS) account may need to provide additional information to create or identify one as part of the application process.
Dangote outlined ambitious long-term targets during Monday’s ceremony, including growing refining capacity to 2.1 million barrels per day by 2030 and reaching a market capitalisation of no less than $350 billion within four years.
The company had separately raised $2.5 billion through a private placement in July 2026, creating the 7.148 billion shares currently classified as “Others” in the refinery’s ownership structure.
In August, the refinery secured a $1 billion underwriting programme, comprising a completed $600 million private placement and a further $400 million underwriting commitment to support the IPO.
