Dangote Petroleum Refinery Completes Record $1.5 Billion IPO
Dangote Petroleum Refinery and Petrochemicals FZE completed the largest IPO in African history, raising $1.5 billion while facing retail restrictions in Uganda.
The Dangote Petroleum Refinery and Petrochemicals FZE completed an initial public offering valued at approximately US$1.5 billion, marking the largest single IPO in African history. The transaction is the first public offering by a Free Zone Entity in Nigeria and aims to provide capital for industrial development while broadening public participation in the refinery project.
While the offering was open to retail investors in Nigeria with a minimum application of 10 shares, the Capital Markets Authority of Uganda imposed strict limitations on the process. The Ugandan regulator restricted the offer to professional investors and high net worth individuals, prohibiting the use of mass solicitation or indiscriminate advertising to reach the general public. SBG Securities Uganda Limited served as the sole licensed intermediary for eligible Ugandan investors.
Legal firm AELEX, which served as solicitors for the offer, stated that the transaction demonstrates the capacity of the Nigerian capital market to support large-scale industrial projects. The IPO, which opened on September 14, 2026, and closed on October 13, 2026, establishes a precedent for other businesses operating under the Free Zone framework to access public capital.
