The Dangote Petroleum Refinery has moved closer to becoming a publicly traded company after the Securities and Exchange Commission (SEC) approved its proposed share sale at ₦525 per share,

The approval opens the way for the refinery to proceed with its initial public offering.

The offer involves 4.1 billion ordinary shares, which could generate approximately ₦2.15 trillion if investors take up the entire offer. The scale of the transaction places the refinery on course for one of the more significant capital-raising exercises in Nigeria’s capital market.

The SEC has also registered the refinery’s existing 120.13 billion ordinary shares, providing regulatory clearance for the company’s share structure ahead of the proposed transaction.

According to Dangote Refinery, the approval was communicated to its lead issuing house, Vetiva Advisory Services Limited, in a letter signed by Abdulkadir Abbas, Director of the SEC’s Securities and Investment Services Department.

With the regulatory hurdle cleared, the company can now proceed with its Completion Board Meeting and Signing Ceremony, marking another stage in the process of bringing the refinery’s equity offering to the market.

The proposed IPO could significantly deepen investor participation in the refinery while giving the company access to Nigeria’s capital market. If fully subscribed, the ₦2.15 trillion offer would rank among the country’s largest capital-market transactions, underscoring the growing financial significance of the multibillion-dollar energy project.