Olaniwun Ajayi Advises on Dangote Refinery IPO, Says Deal Sets Important Precedent
Olaniwun Ajayi LP has said that the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO), involving up to 4.1 billion ordinary shares, is an important precedent in the Nigerian capital market.
The firm, in a statement on Monday, also expressed its pleasure at having advised on the IPO while acting as Joint Solicitor to the transaction.
According to a Forbes report on Monday, Africa’s richest man, Aliko Dangote, saw his fortune rise to $51.3 billion following the launch of the refinery’s highly anticipated IPO on the Nigerian Exchange (NGX), amid strong investor demand on the opening day.
The transaction was brought to the market by a consortium of professional advisers, including Olaniwun Ajayi LP, which acted as the Joint Solicitors to the issue.
In that capacity, the firm advised Dangote Refinery on the legal aspects of the offer, from transaction structuring and regulatory engagement through to launch
According to the law firm, the transaction is expected to be the largest IPO in both Nigeria and Africa, marking the first public offer of shares by a Nigerian Free Zone Enterprise in Nigeria.
The law firm stated that the transaction matters beyond the deal as it “establishes an important precedent for capital raising by Free Zone Enterprises”, while contributing to the continued development of the Nigerian capital market.
It added that the proceeds are intended to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity.
The law firm stressed that the offer broadens public participation in one of Africa’s most significant industrial assets.
What you should know
The launch of the refinery’s offer marks a pivotal moment in the continuing development of Nigeria’s capital market.
Investors poured a whopping N1.5 trillion into the refinery IPO within the first hour after the offer opened on Monday, September 14, 2026, on the Nigerian Exchange (NGX).
Dangote outlined ambitious long-term targets during Monday’s ceremony, including growing refining capacity to 2.1 million barrels per day by 2030 and reaching a market capitalisation of no less than $350 billion within four years.
He also confirmed plans to launch a new facility in Kenya by September 30, which is expected to become operational within two years.
