Chapel Hill Denham has announced that the initial public offering of 4,100,000,000 ordinary shares in Dangote Petroleum Refinery and Petrochemicals FZE at N525.00 per share remains open. Investors have until Tuesday, October 27, 2026, to participate in the offer.
The enterprise operates the world’s largest single crude distillation unit located at the Lekki Free Zone in Lagos. With a nameplate refining capacity of 700,000 barrels per day, the integrated complex processes crude oil into a complete slate of refined products alongside petrochemical derivatives.
Refining model and profitability
The merchant refinery model integrates feedstock optimisation, flexible market access, and logistics infrastructure to maximise netbacks across domestic, regional, and international markets. Despite volatility in feedstock markets, the enterprise operates profitably, posting double-digit EBITDA and profit margins as of the first half of 2026.
This financial performance highlights the underlying strength and scale of the refining platform. The current share offer is designed to broaden public ownership and support the long-term growth strategy of the enterprise.
Capacity expansion roadmap
The enterprise plans to scale its total processing capacity to 1.4 million barrels per day through the addition of a second crude processing unit at the Lekki site by 2029. Upon completion of this expansion, the facility is expected to become the largest single-site refining and petrochemical complex globally.
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