Dangote Petroleum Refinery set for landmark IPO following SEC approval

The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery, allowing for a potential raise of ₦2.15 trillion through the issuance of 4.1 billion ordinary shares at ₦525 each. The refinery, located in Ibeju-Lekki, Lagos, has a refining capacity of 700,000 barrels per day and is undergoing expansion to reach 1.4 million barrels per day. This approval marks a significant milestone in the refinery's evolution and opens investment opportunities in a strategic industrial asset in Africa.