Financial expert and Professor of Accounting at Lead City University, Godwin Oyedokun, has detailed the implications of the recent Securities and Exchange Commission, SEC, approval of Dangote Refinery’s Initial Public Offering, IPO, at N525 per share for investors in Nigeria, Africa’s most populous country.
Oyedokun made this disclosure in an exclusive interview with DAILY POST ahead of Dangote Refinery’s listing in September 2026.
Recall that the Dangote Group announced that SEC had granted approval for its 700,000-barrel-per-day refinery.
Details showed that the landmark Dangote Refinery IPO aims to raise roughly $1.6 billion by issuing 4.1 billion ordinary shares at N525 per share ahead of its primary listing on the Nigerian Exchange, NSE.
This comes after Dangote Group President Aliko Dangote confirmed that the refinery’s IPO is set to open on September 14.
DAILY POST reports that the planned listing of Africa’s largest refinery has continued to stir interest among prospective investors.
Speaking on the development, Oyedokun explained that the SEC approval of Dangote Petroleum Refinery’s IPO at N525 per share is a significant development for Nigeria’s capital market and investors.
He said it provides Nigerians and institutional investors with an opportunity to own shares in one of Africa’s largest industrial assets and could mobilise about N2.15 trillion if the 4.1 billion shares on offer are fully subscribed.
“For investors, therefore, the IPO represents a potentially attractive long-term opportunity. Investors should study the prospectus, financial performance, debt position, projected earnings, dividend policy and valuation against comparable international refiners before subscribing.
“For Nigeria, the transaction is even more significant because it could deepen the capital market, increase domestic ownership of strategic assets, attract institutional and foreign investment, and provide a new benchmark for valuing large Nigerian industrial companies,” he told DAILY POST.
Dangote Refinery IPO at N525: Expert explains what investors, Nigerians should expect