Business

Dangote Refinery Signs IPO Document Today

The proposed offering comprises 4.1 billion ordinary shares at N525 per share, with the potential to raise approximately N2.15 trillion if fully subscribed.

Published

2 months ago

September 7, 2026

OCHEFA

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Dangote Petroleum Refinery is expected to sign its Initial Public Offer (IPO) Monday 7th September.

Ohibaba.com learned that the signing ceremony will take place at 11am, at Eko Hotels, Lagos.

The founder and Africa’s richest person, Aliko Dangote, is targeting a $50 billion valuation for the 650,000 barrels per day (bpd) refinery.

The company plans to sell up to a 10 per cent stake, potentially raising around $5 billion in one of Nigeria’s biggest capital market deals.

It was further learned that the Securities and Exchange Commission (SEC) weekend, approved the IPO of Dangote Petroleum Refinery and Petrochemicals FZE, with the company offering 4.1 billion ordinary shares at N525 each.

The offer could raise approximately N2.15 trillion if fully subscribed, according to a statement issued by the Dangote Group on Sunday.

The SEC’s approval cleared the way for the next stages of the offering.

According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at N525 per share, with the potential to raise approximately N2.15 trillion if fully subscribed.

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Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

132 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

171 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.