Olaniwun Ajayi advises on Dangote Refinery IPO, says deal sets important precedent
- Olaniwun Ajayi LP described the Dangote Petroleum Refinery IPO as a historic capital market milestone for Nigeria
- The IPO is set to become the largest in Nigeria and Africa, and the first public offer by a Nigerian Free Zone Enterprise
- Aliko Dangote unveiled ambitious expansion plans during the launch, including a refining capacity target of 2.1 million barrels per day by 2030
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Olaniwun Ajayi LP has described the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) as an important development for Nigeria’s capital market.
The law firm, which acted as Joint Solicitor to the Issue, said it advised on the legal aspects of the offer involving up to 4.1 billion ordinary shares, from transaction structuring and regulatory engagement to the launch of the IPO on the Nigerian Exchange (NGX).
Source: Twitter
Deal sets precedent for free zone enterprises
In a statement on Monday, Olaniwun Ajayi LP said the transaction is expected to become the largest IPO in Nigeria and Africa and marks the first public offer of shares by a Nigerian Free Zone Enterprise in the country.
The firm said the significance of the transaction extends beyond Dangote Refinery, describing it as an important precedent for capital raising by Free Zone Enterprises.
According to the law firm, the IPO also contributes to the continued development of Nigeria’s capital market by broadening public participation in one of Africa’s major industrial assets.
The proceeds from the offer are expected to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity.
Investors commit N1.5 trillion in first hour
The launch of the refinery’s IPO attracted strong investor interest, with investors reportedly committing N1.5 trillion within the first hour after the offer opened on Monday, September 14, 2026.
The transaction was brought to the market by a consortium of professional advisers, with Olaniwun Ajayi LP serving as one of the Joint Solicitors to the Issue.
The firm said it was pleased to have advised on the transaction and contributed to the landmark offer.
Dangote outlines expansion plans
During the IPO launch, Aliko Dangote outlined long-term expansion targets for the refinery, including plans to increase refining capacity to 2.1 million barrels per day by 2030.
Dangote also set a target of achieving a market capitalisation of at least $350 billion within four years.
He further disclosed plans to establish a new facility in Kenya by September 30, 2026, with the facility expected to become operational within two years.
The IPO comes as Dangote Refinery continues to expand its role in Nigeria’s petroleum and petrochemicals sector, while the offer provides investors with an opportunity to participate in the ownership of the industrial asset.
Source: Legit.ng
