The Securities and Exchange Commission (SEC) has warned members of the investing public to beware of unauthorised and fraudulent platforms seeking to exploit investors as Dangote Petroleum Refinery and Petrochemicals FZE begins its highly anticipated public offer on the Nigerian Exchange (NGX).
The public offer, which opened on Monday, comprises 4.1 billion new ordinary shares priced at N525 per share, with investors required to subscribe for a minimum of 10 shares, valued at N5,250.
The offer is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the prospectus.
The transaction marks the first time members of the public will have the opportunity to acquire an equity stake in Dangote Refinery, Africa’s largest oil refinery and one of the continent’s most significant industrial investments.
The offer is open to retail and institutional investors, as well as eligible African investors, in a move aimed at broadening ownership of the refinery and deepening participation in Nigeria’s capital market.
The share sale is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings ever conducted in Africa.
Speaking at the event, Dangote described the share sale as the “People’s IPO”, saying it would give members of the public an opportunity to participate in the ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” he said.
Dangote also projected that the market capitalisation of the Dangote Group could reach at least $350 billion by 2030, based on a price-to-earnings (P/E) ratio of 10 times.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The industrialist said the conglomerate had raised more funds than required to execute its planned projects, with approximately $46 billion allocated to group-wide expansion as part of its 2030 vision.
“The Dangote Group has raised more than we need to execute all our projects. We have about $46 billion allocated for group-wide expansion to achieve our 2030 vision, and we remain on track,” he said.
Dangote also disclosed that the refinery could pursue a listing outside Africa within the next three to four years.
“From this exchange, then we can go to any other place,” the industrialist said.
He said the Nigerian capital market would remain the group’s base as it considers future listings on other exchanges.
According to the company, proceeds from the offer will be deployed to support its long-term growth strategy, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
The offer is also expected to provide investors with an opportunity to participate directly in the future growth of the refinery as it expands its operations and strengthens its position within Nigeria’s energy sector.
Also speaking on the transaction, Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, highlighted the importance of making the offer accessible, transparent and technology-enabled for investors.
Eligible investors have been advised to subscribe only through approved distribution channels, including NGX Invest, designated commercial banks and other authorised investment platforms, in line with the provisions of the prospectus.
However, the commencement of the offer also prompted the SEC to issue a strong caution to investors amid concerns that fraudsters could attempt to take advantage of the heightened public interest in the Dangote Refinery share sale.
The regulator urged members of the public to avoid unauthorised platforms, websites, agents or individuals soliciting funds in connection with the offer.
Investors are encouraged to verify the legitimacy of any platform or channel before making payments or submitting subscription details and to rely strictly on the approved channels specified in the prospectus.
The SEC’s warning comes as anticipation surrounding the Dangote Refinery offer remains high, with the transaction designed to widen access to the capital market and enable a broader segment of investors to become shareholders in one of Africa’s most prominent industrial ventures.
The regulator reiterated the need for caution, urging investors to conduct proper checks and use only authorised channels throughout the subscription period.
