Dangote Petroleum Refinery has formally approached Nigeria’s Securities and Exchange Commission to begin the process for an initial public offering, marking a major step towards what is expected to become Africa’s largest stock market listing.
The refinery’s advisers are working with company officials and the SEC to process the application ahead of the planned share sale.
SEC Director-General, Emomotimi Agama, confirmed the development, saying the regulator does not anticipate delays that could derail the transaction.
“If any issue arises, SEC will resolve it. That is why SEC exists,” Agama said.
Although no formal date has been approved for the transaction, the company is still targeting a September 2026 listing, in line with earlier indications from the Dangote Group.
The IPO is expected to rank among the continent’s biggest equity offerings and represent one of the most significant additions to Nigeria’s capital market in years.
The move also comes amid repeated calls by regulators for large private companies to list on the Nigerian Exchange and deepen the country’s equity market.
The application follows months of preparatory engagement between Dangote Refinery, its advisers and the SEC. Agama said the early engagement helped streamline the process, adding that the commission intends to encourage similar early regulatory engagement for future listings.
The SEC has also concluded investigations into the premature promotion of the refinery’s proposed offering by some market participants before regulatory approval was obtained.
Agama said sanctions are being imposed on entities found culpable, but did not disclose their identities.
The progress comes days after Dangote Refinery completed a $2.5 billion private placement, which was reportedly 3.7 times oversubscribed, signalling strong investor appetite ahead of the public offering.
The fundraising is expected to strengthen the company’s balance sheet as it ramps up operations at its 650,000-barrel-per-day refinery, regarded as the largest single-train refinery in Africa.
Dangote Group had earlier indicated that the refinery would be listed on the Nigerian Exchange as part of commitments by billionaire industrialist and Africa’s richest man, Aliko Dangote, to broaden public ownership of the business.
Speaking at the refinery in Lagos in July, Dangote said the company planned to launch the IPO in September 2026, describing the listing as an opportunity for Nigerians and institutional investors to participate in the refinery’s future growth.
The listing is expected to reshape Nigeria’s equity market, potentially placing Dangote Refinery among the largest companies by market capitalisation on the Nigerian Exchange.
It is also expected to improve market depth, boost liquidity and expand investment opportunities for domestic and institutional investors.
For regulators, the transaction would represent a major milestone in efforts to attract large privately held companies to the public market and strengthen domestic capital formation.
With the formal application now before the SEC, attention has shifted to the completion of regulatory approvals and the publication of the prospectus ahead of the expected September launch.
Agama said the commission sees no regulatory obstacle that should prevent the transaction from proceeding as planned.
