FCMB Supports Dangote Refinery IPO as Offer Targets Wider Nigerian Participation

FCMB Supports Dangote Refinery IPO as Offer Targets Wider Nigerian Participation

FCMB Group has assumed key roles in the ongoing initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, as the offer seeks to broaden participation among Nigerian investors.

The public offer comprises 4.1 billion ordinary shares priced at ₦525 each and is expected to raise about ₦2.15 trillion if fully subscribed. It opened on September 14 and is scheduled to close on October 13, 2026.

FCMB Group is participating through three of its operating companies. FCMB Capital Markets is serving as a joint issuing house, CSL Stockbrokers as stockbroker to the offer, while First City Monument Bank is acting as a receiving bank and distribution agent.

Speaking at the opening gong ceremony and Facts Behind the Offer presentation at the Nigerian Exchange in Lagos, FCMB Group Chief Executive, Ladi Balogun, said the offer provides Nigerians with an opportunity to participate in the ownership of a large-scale business while demonstrating the growing reach of the country’s capital market.

The minimum subscription is 10 shares, requiring an investment of ₦5,250 at the offer price. The structure allows eligible retail investors to participate alongside high-net-worth, institutional and international investors.

Dangote Industries President, Aliko Dangote, has described the transaction as an opportunity to broaden ownership of the refinery and enable Nigerians across different income and professional groups to acquire a stake in the business.

The Securities and Exchange Commission has advised prospective investors to use only approved subscription channels, verify the authenticity of platforms and carefully study the approved prospectus before investing.