The Securities and Exchange Commission has approved the proposed Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE.
The approval clears the way for the refinery to begin its public share offering, which could become one of Nigeria’s biggest capital market deals.
Dangote Industries Limited President, Aliko Dangote, had said the IPO would open within 10 to 12 days.
He disclosed this on Thursday while speaking to investors and analysts in Botswana.
According to the SEC, the offer involves 4.1 billion ordinary shares at ₦525 per share.
If fully subscribed, the offering could raise about ₦2.15 trillion.
The commission also registered 120.13 billion existing ordinary shares of the company.
The SEC said its approval covers the refinery’s draft offer documents and allows the company to proceed with the Completion Board Meeting and Signing Ceremony.
The development is expected to give investors an opportunity to acquire shares in one of Nigeria’s largest industrial projects.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery sits on about 2,635 hectares.
The refinery currently has a capacity of 700,000 barrels per day, making it one of the world’s largest single-train refineries.
The complex also has a polypropylene plant with a production capacity of 900,000 tonnes per year and a dedicated 435-megawatt power plant.
The facility is designed to supply refined petroleum products to the Nigerian market and export surplus products.
Dangote Refinery is also undergoing expansion that is expected to raise its capacity to 1.4 million barrels per day.
With SEC approval now secured, attention will shift to the formal launch of the IPO and the response of investors to the offer.