AELEX ADVISES ON DANGOTE REFINERY'S LANDMARK US$1.5 Billion IPO
September, 2026 - Lagos, Nigeria
AELEX is pleased to have acted as Joint Solicitors to the offer in connection with the initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE.With an offer size of approximately US$1.5 billion, the transaction represents a significant milestone for Dangote Petroleum Refinery & Petrochemicals FZE and the Nigerian capital markets.
We are delighted to have advised on this landmark transaction which is the largest single IPO yet, in Africa, and the first-ever public offering by a Free Zone Entity (FZE) in Nigeria. Our participation in this significant offering reflects AELEX's longstanding expertise in capital markets and securities transactions, as well as our commitment to supporting issuers, investors, and other market participants on transformational transactions that contribute to economic growth and market developmentPrior to the Dangote Petroleum Refinery IPO, AELEX acted as solicitor to the issuer in the NGN60 billion IPO of Dangote Sugar Refinery Plc in 2007. AELEX also advised on the financing of the Obajana Cement project, including the US$798 million syndicated limited recourse financing involving IFC, ECAs and DFIs, and has advised on aspects of the establishment and operation of the refinery project within the free zone.The Dangote Refinery IPO is an important addition to AELEX’s longstanding professional relationship with the Dangote Industries.
We congratulate Dangote Petroleum Refinery & Petrochemicals FZE and all parties involved as the transaction reaches this important milestone, and remain committed to supporting transactions that deepen Africa's capital markets and unlock sustainable economic growth.
About AELEX is a leading full-service commercial and dispute resolution law firm with offices in Lagos, Abuja and Port Harcourt in Nigeria, and Accra, Ghana. The firm advises local and international clients across a broad range of practice areas, including Capital Markets, Banking and Finance, Corporate and Commercial, Energy and Infrastructure, Technology, Tax, and Dispute Resolution.
