The Securities and Exchange Commission (SEC) has approved the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for the company to raise approximately N2.15 trillion from Nigeria’s capital market.

The offer comprises 4.1 billion ordinary shares priced at N525 per share, while the SEC has also registered the company’s existing 120.13 billion ordinary shares.

The approval authorises the refinery to proceed with its completion board meeting and signing ceremony, marking a significant step towards opening ownership of the facility to investors.

Located in Ibeju-Lekki, Lagos, the Dangote Refinery currently has a refining capacity of 700,000 barrels per day. The facility is also undergoing expansion that could increase its capacity to 1.4 million barrels per day.

The proposed IPO is expected to expand investor participation in the refinery while further supporting the development and deepening of Nigeria’s capital market.