Dangote Refinery

The company’s Managing Director and Chief Executive Officer, Olajumoke Cecilia Ajayi, disclosed this at the AOW Energy Conference in Accra, Ghana, during a session titled, ‘The Future of the African Operator: Building the IOCs of Tomorrow’.

The IPO could become one of the largest capital market transactions in Nigeria, with the refinery offering 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion.

Dangote Group disclosed the approval on Friday, bringing the refinery closer to what is expected to be one of Africa’s largest equity offerings. At the offer price, the shares are worth about ₦2.15 trillion if fully subscribed.

Dangote said the ongoing fiscal, monetary and regulatory reforms had contributed to improved macroeconomic stability, stronger investor confidence, increased industrial productivity and a more resilient business environment.

The latest performance reinforces the growing importance of domestic refining to Nigeria’s petroleum industry, following years in which the country relied heavily on imported refined products despite being a major crude oil producer.

Justice Akintayo Aluko, in an interim ruling, also barred the regulator, its officers, agents and representatives from sealing, shutting down, restricting access to, obstructing, suspending, disrupting, inspecting, supervising, sanctioning or otherwise interfering with the refinery’s operations pending the determination of the substantive application before the court.

The proposed measure could take effect as early as this week, subject to further consultations and possible intervention, according to sources familiar with the refinery’s position.

According to market data available to the refinery, imported PMS accounted for approximately 43 per cent of fuel supplied into the Nigerian market in July. The development, it said, raises questions about the necessity of continued large-scale imports at a time when Nigeria has significantly expanded its domestic refining capacity.

The latest adjustment was contained in an official communication issued to customers on Tuesday by the refinery’s Group Commercial Operations.

The Dangote Petroleum Refinery has expanded its free petroleum products delivery initiative to Kano, Imo, Anambra and Nasarawa states, as it seeks to cut distribution costs for independent petroleum marketers and create room for lower petrol prices.