Olaniwun Ajayi LP hails Dangote Refinery IPO as landmark precedent for free zones

Olaniwun Ajayi LP has stated that the Initial Public Offering (IPO) of up to 4.1 billion ordinary shares by the Dangote Refinery and Petrochemicals FZE (DPRP) is a landmark precedent for the Nigerian capital market.

​In a statement issued on Monday, the law firm expressed its pride in advising on the transaction while acting as Joint Solicitor to the issue. The firm guided the refinery through legal aspects ranging from transaction structuring and regulatory engagement to the official launch.

​According to a Forbes report published on Monday, Africa’s richest man, Aliko Dangote, saw his net worth surge to $51.3 billion following the launch of the highly anticipated IPO on the Nigerian Exchange (NGX). The debut was met with overwhelming investor demand, as market participants poured N1.5 trillion into the offering within the first hour of trading.

​Legal advisers noted that the transaction represents the largest IPO in Nigeria and across Africa. It also marks the historic first public share offer by a Nigerian Free Zone Enterprise within the country.

​The proceeds from the offering are earmarked to support DPRP’s long-term growth strategy, which includes expanding its refining and petrochemical capacity. The move significantly broadens public participation in one of the continent’s most strategic industrial assets.

​During Monday’s ceremony, Dangote outlined ambitious targets, including scaling refining capacity to 2.1 million barrels per day by 2030. He also projected a market capitalisation of at least $350 billion within four years and confirmed plans for a new facility in Kenya.