… Proposed 4.1bn share offer could raise approximately ₦2.15trnBy Udeme Akpan
The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.
The approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.
The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.
