The Dangote Refinery initial public offering (IPO) officially opened on the Nigerian Exchange (NGX) on Monday, with 4.1 billion ordinary shares offered at N525 per share.

The offer, which closes on October 13, 2026, has a minimum subscription of 10 shares, valued at N5,250. If fully subscribed, the IPO is expected to raise approximately N2.15 trillion to support the refinery’s expansion and operations.

President of Dangote Industries Limited, Aliko Dangote, formally opened the offer by sounding the gong at the NGX in Lagos.

The IPO is open to retail and institutional investors, as well as eligible African investors.

Speaking at the event, Dangote described the offering as the “People’s IPO”, saying it would give members of the public an opportunity to own a stake in the refinery.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’,” he said.

Dangote also projected that the Dangote Group could achieve a market capitalisation of at least $350 billion by 2030, based on a 10-times price-to-earnings ratio.

He said the group planned to list every company that would operate under the conglomerate.

According to the industrialist, the Dangote Group has raised more funds than required to execute its projects, with approximately $46 billion allocated for group-wide expansion as part of its 2030 vision.

Dangote further disclosed that the refinery could be listed on an international exchange outside Africa within the next three to four years.

He said the Nigerian capital market would remain the group’s base for future listings in other markets.