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Dangote Petroleum Refinery & Petrochemicals FZE Holds Signing Meeting in Connection with Proposed Landmark Initial Public Offering 

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Dangote Petroleum Refinery & Petrochemicals FZE (“DPRP” or the “Enterprise”) today held the signing ceremony in connection with its proposed Initial Public Offering (the “IPO”), marking an important milestone in opening ownership of Africa’s largest refinery to retail and institutional investors. Subject to the receipt of all requisite regulatory approvals, the IPO will comprise an offer for subscription of up to 4.1 billion ordinary shares at an offer price of ₦525.00 per share, with a minimum subscription of 10 Offer Shares and multiples of 10 Offer Shares thereafter. The transaction is intended to broaden public ownership of DPRP and provide investors with an opportunity to participate in the future growth of the Enterprise. Net proceeds are expected to be applied towards growth capital expenditure in connection with DPRP’s refinery expansion programme. The IPO is expected to raise gross proceeds of approximately ₦2.15 trillion and includes an overallotment option of up to 30% of the Offer Size to accommodate excess demand. Upon completion of the IPO and receipt of the requisite approvals, the Enterprise’s shares will be admitted to trading on the Main Board of the Nigerian Exchange Limited. In line with DPRP’s commitment to broadening ownership and encouraging long-term participation, eligible retail investors may receive up to two additional shares at no additional cost under the Retail Investor Incentive Programme, subject to maintaining the prescribed minimum shareholding for the applicable holding periods and obtaining requisite approvals. Full details of the programme are contained in the Prospectus DPRP owns and operates an integrated refining and petrochemical complex with a current refining capacity of 700,000 barrels per day and the capability to produce a range of refined petroleum and petrochemical products. The Enterprise is currently executing an expansion programme that is expected to increase refining capacity to approximately 1.4 million barrels per day by 2029. The signing ceremony brought together representatives of the Enterprise, transaction advisers, and other key stakeholders ahead of the launch of the IPO. Speaking at the signing ceremony, Aliko Dangote, GCON, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the transaction as an important milestone in the evolution of the Enterprise. “Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security. Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation.”

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