Dangote Petroleum Refinery & Petrochemicals FZE has completed an approximately $1.5 billion Initial Public Offering (IPO), in what has been described as Africa’s largest single IPO and the first public offering by a Free Zone Entity in Nigeria.
The transaction marks a significant development in Nigeria’s capital market, potentially opening new opportunities for large-scale industrial and infrastructure businesses seeking to raise funds from the public. AELEX, a leading Nigerian law firm, acted as Joint Solicitors to the Offer.
The offering brought together a consortium of financial and professional advisers. Vetiva Advisory Services Limited served as Lead Issuing House, while Stanbic IBTC Capital Limited, Chapel Hill Denham Advisory Limited, Afrinvest Capital Limited and CardinalStone Partners Limited acted as Joint Issuing Houses. Deloitte & Touche was the Auditor, while KPMG Professional Services served as Reporting Accountant.
AELEX and Olaniwun Ajayi LP, acted as Solicitors to the offer. The participation of the firms and financial institutions, reflects the breadth of professional expertise assembled for the transaction, which could have significant implications for Nigeria’s capacity to attract investment and support large-scale capital raising.
AELEX’s involvement, also builds on its longstanding relationship with the Dangote Industries group. The firm previously acted as Solicitor to the Issuer, in the N60 billion Initial Public Offering of Dangote Sugar Refinery Plc. It also advised on strategic projects within the group, including the $798 million syndicated limited-recourse financing for the Obajana Cement Project, involving the International Finance Corporation, export credit agencies and development finance institutions.
Industry analysts cited in the statement, said the Refinery’s public offering could widen investor participation in one of Africa’s major industrial projects. The Refinery has been viewed as a potential driver of industrialisation, value-chain development, foreign exchange conservation and energy security.
The transaction is also expected to strengthen Nigeria’s capital market by expanding investment opportunities, deepening market liquidity and encouraging greater investor participation. Stakeholders expressed optimism that the offering could serve as a model for future large-scale listings, and further advance the development of African capital markets.