Olaniwun Ajayi LP is pleased to have acted as Joint Solicitor to the Transaction on the Dangote Refinery IPO. The Initial Public Offering by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) is an offer for subscription of up to 4.1 billion ordinary shares.
A Landmark Dangote Refinery IPO
The transaction is expected to be the largest IPO in both Nigeria and Africa. It also marks the first public offer of shares by a Nigerian Free Zone Enterprise in Nigeria.
That second point matters beyond this deal. It establishes an important precedent for capital raising by Free Zone Enterprises, and it contributes to the continued development of the Nigerian capital market.
Use of Proceeds
The proceeds are intended to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity. At the same time, the offer broadens public participation in one of Africa’s most significant industrial assets.
Our Capital Markets Practice
The transaction reflects Olaniwun Ajayi LP’s continued leadership in complex and innovative capital markets transactions. It also reflects our commitment to advising on transactions that advance the development of Nigeria’s capital markets and broader economy.
Our Banking and Capital Markets 2025 Wrap-Up and 2026 Outlook and Oil and Gas 2025 Wrap-Up and 2026 Outlook set out the wider market context for the offer.