The Securities and Exchange Commission (SEC) has approved the commencement of the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.

SEC conveyed the approval in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by the Director of the Securities and Investment Services Department, Abdulkadir Abbas.

According to SEC, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.

The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.

The SEC’s clearance represents another major step in the evolution of Dangote Petroleum Refinery, opening investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital market.

Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex occupies about 2,635 hectares and houses a world-class integrated refining and petrochemicals facility.

The complex currently has a refining capacity of 700,000 barrels per day, making it the world’s largest single-train refinery, alongside a 900,000 tonnes per annum polypropylene plant. The facility is powered by a dedicated 435-megawatt power plant.

At full production, the refinery is designed to satisfy Nigeria’s domestic demand for refined petroleum products while generating substantial volumes for export markets. The facility is also undergoing an expansion expected to increase capacity to 1.4 million barrels per day, positioning it to become the world’s largest refinery.

The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency. It also holds the world’s largest single order of five Single Point Moorings (SPMs) and incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency (EPA), European emission standards, and Nigerian regulatory requirements.

Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres.

With SEC approval now secured, the refinery is poised to embark on a historic public offering that could significantly broaden investor participation in one of Nigeria’s most transformative industrial ventures.