Investors participating in the ongoing Dangote Petroleum Refinery and Petrochemicals IPO have been told they could potentially receive dividends denominated in US dollars, a feature Dangote Group President Aliko Dangote highlighted while launching the public offer.
Dangote made the statement on September 14, 2026, during the official opening of the refinery’s IPO on the Nigerian Exchange. He said the dollar-denominated returns could help shareholders who have expenses abroad, including parents paying school fees for their children outside Nigeria.
The IPO involves 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares, worth ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026.
The public offer is expected to raise approximately ₦2.15 trillion, or about $1.6 billion, making it one of the largest equity offerings in Africa. The funds are expected to support the refinery’s expansion and other long-term investments.
Dangote said the public offering was designed to broaden ownership of the refinery and give ordinary Nigerians and other eligible investors an opportunity to become shareholders.
However, investors should distinguish between Dangote’s statement about dollar dividends and a guaranteed dividend payment. The refinery’s official IPO information states that dividends are not guaranteed and depend on the company’s performance, cash requirements and decisions of its board.
The official IPO website also advises investors to read the prospectus carefully and subscribe only through approved receiving agents or electronic application channels. The Securities and Exchange Commission has similarly warned investors against sending money through unofficial platforms or responding to unsolicited messages promising IPO allotments. (
The refinery currently operates at full capacity and reported $1.82 billion in net profit in the first half of 2026, according to Reuters, as its IPO brings the company to the Nigerian capital market.
