Dangote Refinery Sets December 8 Date for Nigerians to Begin Trading Shares on NGX
- Dangote Refinery’s ₦2.15 trillion IPO closed on October 27 after investors were given extra time to subscribe
- Share trading could begin on the NGX around December 8, subject to SEC approval and exchange requirements
- The listing could value Dangote Refinery at about ₦65.22 trillion and push NGX market capitalisation towards ₦230 trillion
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian investors could begin buying and selling shares in Dangote Petroleum Refinery and Petrochemicals from December 8, 2026, as the company prepares for a historic listing on the Nigerian Exchange Limited (NGX).
The proposed listing follows the closure of the refinery's ₦2.15 trillion initial public offering (IPO), potentially making it one of the most valuable companies on Nigeria's stock market.
Source: UGC
According to the revised offer timetable, the refinery is targeting early December for its shares to commence trading, subject to regulatory approvals and completion of the allotment process, BusinessDay reports.
The development could push the total market capitalisation of equities listed on the NGX towards ₦230 trillion.
Dangote Refinery completes ₦2.15 trillion IPO
The refinery closed its public offer on October 27, 2026, after extending the subscription deadline from October 13 to accommodate investors.
The offer involved 4.1 billion ordinary shares priced at ₦525 each, representing a potential capital raise of ₦2.1525 trillion if fully subscribed.
The transaction ranks among Nigeria's largest proposed equity offerings and could significantly expand the country's capital market.
The refinery's planned listing also offers investors an opportunity to gain direct exposure to one of Africa's largest petroleum refining businesses.
SEC approval determines share trading date
Under the revised timetable, registrars were expected to complete the collation of investors' applications by November 3.
The proposed basis of allotment is scheduled for submission to the Securities and Exchange Commission (SEC) on November 10.
Regulatory clearance is targeted for November 17, after which shares will be credited to successful investors' Central Securities Clearing System (CSCS) accounts, The Guardian reported.
Trading could begin around December 8, although the date remains provisional and dependent on regulatory clearance and NGX admission requirements.
Source: Getty Images
Dangote listing could transform Nigerian stock market
Market estimates place Dangote Refinery's implied equity valuation at approximately ₦65.22 trillion, based on its offer price and enlarged share capital.
This differs from the ₦2.15 trillion expected from the IPO, which represents proceeds from the shares offered rather than the company's total value.
If completed as projected, the listing could significantly increase the NGX's market capitalisation and attract greater attention from domestic and foreign institutional investors.
However, the actual impact will depend on the final allotment, shares admitted for trading and market valuation after listing.
For Nigerians awaiting the opportunity to trade Dangote Refinery shares, December 8 remains the anticipated date, not a confirmed commencement date.
Dangote begins Talks To Invest in Egypt
Legit.ng earlier reported that Aliko Dangote, Nigeria's wealthiest businessman, is in talks with Egyptian authorities over a potential investment of between $10 billion and $15 billion, focusing on oil refining and petrochemicals.
The discussions gained momentum after Egypt's Minister of Investment and Foreign Trade, Mohamed Farid Saleh, visited Dangote Industries Limited's headquarters in Lagos on Sunday alongside senior government and industry officials.
Source: Legit.ng
