The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members to consider investing in the forthcoming Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, describing the offer as an opportunity for marketers to become equity owners in the company.

The call comes as Dangote Refinery prepares for what is expected to be one of Africa’s largest-ever public share offerings.

The refinery has confirmed an offer price of ₦525 per share, with a minimum subscription of 10 shares, costing ₦5,250. The official IPO website currently says the opening and closing dates are yet to be confirmed.

However, Reuters reported that the IPO is expected to target about ₦2.15 trillion ($1.63 billion) through the sale of approximately 4.1 billion shares, with the offer expected to open on September 14 and close on October 13, subject to the final offer timetable.

The planned listing is designed to encourage broad participation by Nigerian retail investors. Dangote Refinery Chief Executive Officer, David Bird, previously described the offering as a “people’s IPO”, saying the company wanted to drive participation among Nigerians.

For IPMAN members, the proposed investment could provide an opportunity to participate not only as petroleum product distributors but also as shareholders in a refinery that has become a major player in Nigeria’s downstream petroleum sector.

The 650,000-barrel-per-day refinery has also been operating at higher production levels, with Reuters reporting that it has tested production of up to 700,000 barrels per day. The company is planning a major expansion that could increase capacity to about 1.4 million barrels per day.

IPMAN and Dangote Refinery already have an established commercial relationship. Independent petroleum marketers have been working toward direct access to products from the refinery, with IPMAN previously saying that direct supply could help reduce distribution costs and lower petrol prices for consumers.

The planned IPO would therefore give participating marketers an opportunity to have a financial stake in an enterprise with which many of them already have a business relationship.

The refinery has advised prospective investors to read the prospectus carefully and use only approved subscription channels. Its official IPO platform also warns that investment in shares carries risks and that subscription does not guarantee allotment.