About the Opportunity
The Dangote Petroleum Refinery & Petrochemicals FZE, located in the Lekki Free Trade Zone, Lagos, is the world's largest single-train refinery. Commissioned in May 2023 after a $20 billion investment, it reached full capacity in February 2026.
- World-scale production: Supplies over 35–50% of Nigeria's domestic petrol demand and exports to Ghana, Cameroon, Togo, Tanzania, and Europe.
- Petrochemicals revenue: 400,000 tonnes/year of alkyl benzene plus polypropylene and surfactant production — a standalone hard-currency income stream.
- Already operational: Unlike most IPOs, this is a proven, revenue-generating asset — not a speculative venture.
- Jet fuel exports surged 770% between 2024 and 2026, with Europe receiving ~70,000 bbl/day.
- Pan-African listing: Cross-listings under consideration on exchanges in Nairobi, Johannesburg, Ghana, and London.
Key Features
⬡ USD-Denominated Dividends
In a first for the NGX, investors buy shares in Naira — but receive dividends in US Dollars. Payouts are backed by $6.4B in projected annual petrochemical export revenues, providing a natural hedge against naira depreciation. Pending final SEC/FMF approval.
IPO Timeline
April 2026
Prospectus Filed — Submitted to SEC Nigeria for regulatory review and approval.
May – August 2026
Investor Roadshow & Subscription — National roadshow across Nigeria; public subscription window opens.
June – July 2026
Expected NGX Listing — Shares commence trading on the Nigerian Exchange main board.
2026 & Beyond
Pan-African & LSE Cross-listings — Additional listings across African exchanges and London under consideration.