The Dangote Petroleum Refinery’s ongoing N2.15 trillion share offer takes its campaign beyond Nigeria, with billionaire Aliko Dangote and music star Davido appearing together beneath a Nasdaq digital billboard in New York’s Times Square.
The appearance shared by Davido on his Instagram story, features the duo standing beneath a towering display carrying the message, “Made in Nigeria. Built for the World,” as the refinery seeks to attract investors to its public offer.
The billboard forms part of a promotional campaign for the Dangote Petroleum Refinery and Petrochemicals’ Initial Public Offering, IPO, which opened on September 14, 2026, and is scheduled to close on October 13.
The offer comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares, equivalent to N5,250. It is targeted at Nigerian and other eligible African investors.
If fully subscribed, the offer is expected to raise about N2.15 trillion, making it one of the largest public offers in Nigeria’s capital market.
The public offer also marks a significant development for the refinery, which is located in the Lekki area of Lagos and has a nameplate capacity of 650,000 barrels per day.
The facility, developed by the Dangote Group, began operations in January 2024 after years of construction. It is designed to process crude oil into products including petrol, diesel, aviation fuel and other refined petroleum products.
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The refinery has progressively increased production since commencing operations, supplying refined petroleum products to the Nigerian market while also positioning itself to serve markets across Africa.
Dangote has previously described the share sale as an “IPO for the people”, highlighting the relatively low minimum subscription as a way of allowing retail investors to participate alongside institutional investors.
At N525 per share, an investor can subscribe to the minimum 10 shares for N5,250, although additional shares can be purchased subject to the terms of the offer.
The offer comes as Nigeria seeks to deepen participation in its capital market and encourage greater domestic ownership of major businesses and strategic assets.
The Nigerian Exchange has also described the offer as a landmark transaction for the local market, given the scale of the refinery and its significance to Nigeria’s energy sector.
Beyond raising capital, the public offer is expected to broaden ownership of the refinery and provide investors with an opportunity to participate in the financial performance of one of Africa’s largest oil-refining facilities.
The planned expansion of the refinery is another major consideration behind the capital-raising exercise. The facility’s capacity is expected to increase substantially as the company pursues further investments and expansion of its operations.
The Times Square display therefore places the refinery’s public offer in an international setting, with the “Made in Nigeria. Built for the World” message highlighting the company’s stated ambition to serve markets beyond Nigeria.
With the subscription window running until October 13, prospective investors still have time to review the offer documents, understand the associated risks and consider the investment through approved channels before making a decision.
PUNCH
