The Nigerian Exchange (NGX) says the offer is 4.1 billion ordinary shares at ₦525 each. The minimum order is 10 shares, which comes to ₦5,250. The offer window closes on 13 October 2026. Nairametrics reports that the offer is expected to raise about ₦2.15 trillion. The sums agree: 4.1 billion shares at ₦525 each comes to roughly ₦2.15 trillion.
The ₦5,250 minimum is low for a deal of this size. A retail investor can take part with a small sum. That widens access, but it says nothing about price. Whether ₦525 is fair for the business is a separate question, and the sources do not answer it.
For readers new to this, an IPO runs in a set order. An offer opens, investors place orders during the window, and the company then decides who receives shares. Trading on the exchange starts after that. So a subscriber does not hold tradable shares on day one, and the first trading price can differ from the offer price. Timings vary from deal to deal. The sources for this post give no dates beyond the 13 October close.
According to BusinessDay, the money raised is earmarked for expanding the Lagos refinery from about 700,000 barrels a day to 1.4 million. That would double its capacity. A refinery makes its money on the gap between what it pays for crude oil and what it earns from selling products such as diesel and petrol. More throughput can bring more revenue. It only does so if the plant can buy enough crude and sell all that it makes at a good margin.
Now the gaps. The sources behind this post do not say when the expansion will finish. They do not say what it will cost beyond the ₦2.15 trillion being raised. They say nothing about earnings, debt or dividends either. Those are the figures that usually anchor a view on value. A reader will want them from the offer documents before forming one.
A few points are worth taking to the offer documents: what happens if the raise falls short of ₦2.15 trillion, how the money splits between the expansion and anything else, what crude supply the refinery has secured, and how it has performed at its current size. The sources here answer none of these, and a careful reader will not fill the gaps with guesses.
Consider what a buyer at ₦525 is getting. The plant runs today at about 700,000 barrels a day. The raise pays for a build to reach twice that. So part of the price rests on a project that has not been delivered yet. Large industrial builds can run late or over budget, and a terms sheet cannot rule that out.
There is also concentration. Dangote Petroleum Refinery and Petrochemicals FZE is not a diversified group. Its results depend on one refinery, the margins on refined products, and how quickly the expansion goes. A bank or a consumer company has several income streams to soften a bad quarter. A single refinery has fewer. Anyone deciding how much to put in should weigh that.
For the wider market, ₦2.15 trillion is a large test of local appetite for a single listing. The real test comes after the offer closes. Where the shares trade against ₦525 once dealing starts will say more about demand than any comment written now. That price does not exist yet, and the sources give no date for the start of trading.
Between now and 13 October, three things are worth watching. First, any SEC or NGX notice that changes the terms. Second, the closing date itself. Third, any announcement on when trading will begin. None of these tells you whether to take part. They do help you follow the deal as it unfolds. Headline figures are easy to repeat wrongly during a busy offer, so check any number you plan to rely on against the SEC and NGX notices themselves, and treat news reports as a second source.
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