Energy
Dangote Refinery clears SEC hurdle, moves closer to public listing.
By Princess Ose Aluede
The Securities and Exchange Commission (SEC) has approved Dangote Petroleum Refinery’s application for an Initial Public Offering (IPO), clearing the way for Nigerians to buy shares in the country’s largest refinery.
The offer will comprise 4.1 billion ordinary shares priced at ₦525 each, targeting about ₦2.15 trillion if fully subscribed, a deal that would rank among the largest public offers in Nigerian corporate history.
An IPO allows a private company to sell shares to the public for the first time. For Dangote Refinery, it marks a shift from a privately-held enterprise to one with shared public ownership.
Located on the outskirts of Lagos, the refinery has a processing capacity of about 650,000 barrels per day, making it the world’s largest single-train facility.
SEC approval had been one of the final regulatory steps standing between the refinery and its stock market debut.
With that hurdle cleared, attention now turns to when the offer will open and how investors, retail and institutional, respond to one of the most closely watched share sales in the country’s history.
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