At the front of the hall, officials and key stakeholders sat across the stage beneath a large “Facts Behind the Offer” display, as the Nigerian Exchange hosted the launch of Dangote Refinery’s initial public offering.
The atmosphere was formal but lively, with attendees following the presentations closely while electronic market boards along the walls displayed trading information, adding to the setting as the refinery took another step into Nigeria’s public capital market.
The programme began with the ceremonial opening gong struck by Dangote Refinery President and CEO Aliko Dangote, signalling the formal opening of the offer at the Nigerian Exchange in Lagos on Monday, September 14, 2026.
Lagos State Governor Babajide Sanwo-Olu followed with a broader reflection on the significance of the occasion, describing the gathering as an important moment for Nigeria’s capital market.
“We all in this hall are part of history,” Sanwo-Olu said.
He added that the occasion was about “market creation,” “deepening the market” and “opening opportunity for everybody,” extending the significance of the offer beyond the company itself.
The Ooni of Ife, who focused on the importance of taking the investment opportunity beyond established investors and making ownership accessible to ordinary Nigerians.
He illustrated the point with the example of a pepper seller who could finish a day’s sales, pick up a phone and buy Dangote shares, highlighting the role of digital access in widening participation.
The focus then shifted to the refinery and what prospective investors were actually buying, as Dangote Refinery Chief Executive Officer David Bird delivered the Facts Behind the Offer presentation, taking investors through the refinery’s operations, commercial capabilities, track record and expansion plans.
Bird presented the refinery as an established operating business rather than simply a large industrial asset, pointing to its technical capabilities, commercial operations and growing role in both Nigerian and international markets.
“It’s more than just an asset. It’s a business,” Bird said.
He also highlighted the refinery’s ability to supply products into different markets, including its growing aviation fuel exports to Europe, while outlining the wider Vision 2030 programme behind its expansion.
According to Bird, the planned increase in refining capacity to 1.4 million barrels per day formed only part of the company’s broader growth plans, which also included expanding its product portfolio and regional distribution infrastructure.
Dangote later addressed the gathering, presenting the IPO as an opportunity to extend the value created by the refinery to a much wider group of investors.
“We are not investing in just the story, we are not investing on a dream have passed that dream, we are now nearing what we call reality, we want to invest in reality,” he said.
He also stressed the importance of allowing an asset of the refinery’s scale to create value for more than a small group of people.
Chuka Eseka, Managing Director of Vetiva Capital Management, subsequently took investors through the mechanics of the offer, including how to subscribe and the incentives attached to holding the shares.
He explained that eligible retail investors could subscribe to a minimum of 10 shares and receive one additional share after holding continuously for 12 months, with another additional share available after a further 12 months under the retail incentive programme.
Eseka also explained that investors could subscribe through different platforms, including traditional stockbrokers, and highlighted the offer’s Shariah-compliant status.
The proceedings then moved into questions and answers, giving investors and other participants an opportunity to seek clarification on the refinery’s expansion, operations and investment structure.
Responding to questions about the planned expansion to 1.4 million barrels per day, Dangote explained that the development would involve additional units and provide greater flexibility in production. He also pointed to the refinery’s existing infrastructure and plans to increase its storage capacity, saying these would support the expansion.
The programme later featured a presentation by Nigerian Exchange Group Chief Executive Officer Temi Popoola on offer distribution and investor participation, as the exchange detailed how the shares would reach the investing public.
From the crowded seats to the officials on stage, the gathering reflected the interest surrounding the Dangote Refinery IPO, with investors, market operators and other participants watching as one of Nigeria’s biggest industrial businesses moved into public ownership.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares, equivalent to ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026.
Ademide Adebayo
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