Zenith Bank Chairman Jim Ovia, Heirs Holdings Chairman Tony Elumelu and other leading financial experts attended the signing ceremony for the Dangote Refinery’s historic initial public offering (IPO) in Lagos on Monday.

The refinery is offering 4.1 billion ordinary shares at ₦525 each, in what could become one of the largest transactions in Nigeria’s capital market.

Approved by the Securities and Exchange Commission, the IPO marks the refinery’s first public offer since its commissioning in 2023, following an investment of about $20 billion. Located in the Lekki Free Zone, the facility has a refining capacity of 650,000 barrels per day and is seeking to raise funds to expand its operations to 1.4 million barrels per day.

The proposed listing, expected on September 14, could increase the Nigerian Exchange’s total market capitalisation by an estimated 30 to 40 per cent if fully subscribed.

The refinery also plans to pay dividends in US dollars, while proceeds from the offer will support its expansion and efforts to meet growing demand for refined petroleum products across Nigeria and Africa.