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Dangote Petroleum Refinery and Petrochemicals has had enough of the rumors.
The company, commonly referred to as DPRP, issued a formal statement pushing back against a wave of unverified reports circulating across media platforms and social networks about a potential initial public offering.
Management said it had observed the spread of what it described as "unauthorised information" with growing concern, noting that some of the claims circulating online were not just unsanctioned but factually wrong.
The timing is notable. Aliko Dangote said in February that Nigerians would be able to buy shares in the refinery within four to five months, with the announcement coming during a tour of the facility by NNPC's group chief executive officer, Bayo Ojulari, and senior executives of the state oil firm. That statement set off a torrent of analyst commentary, social media speculation and market chatter that has been building ever since.
DPRP's latest move appears aimed squarely at getting ahead of that noise. The company said any decision involving a public offering or similar capital markets transaction would be communicated only through formal, regulated channels, including official disclosures, regulatory filings and coordinated announcements released by the company and its appointed advisers, all in compliance with applicable law.
"All official updates regarding any potential transaction will be communicated through DPRP's formal public disclosures," the company said in its statement.
The refinery also turned its attention to the people spreading the unverified reports, calling on analysts, media commentators and social media influencers to verify information before sharing it. The company said speculative commentary could mislead investors and distort expectations at a critical time for the project.
Dangote Group has appointed Stanbic IBTC Capital, Vetiva Capital Management and FirstCap to lead the planned IPO on the Nigerian Exchange, with Stanbic IBTC expected to handle international investor placement while Vetiva focuses on local retail distribution and FirstCap targets Nigerian institutional investors, including pension funds. The group has said it plans to float between 5% and 10% of the refinery.
Analysts have estimated the refinery's value at between $40 billion and $50 billion, a level that could push total market capitalization on the Nigerian Exchange beyond 200 trillion naira.
None of that, however, changes what DPRP said in its statement: no official IPO process has been announced, and until one is, everything else is noise.
The refinery's strategic weight in Nigeria's energy landscape makes it a natural lightning rod for speculation. The facility supplied 62% of Nigeria's petrol in January 2026, overtaking imports for the first time, a milestone that underscores how central the project has become to domestic fuel supply. That kind of market dominance, combined with Dangote's public statements about a listing, has given commentators plenty to work with.
The company concluded its statement by reaffirming what it called a commitment to "the highest standards of transparency, corporate governance and market integrity," while urging the broader investment community to communicate responsibly.
Investors, for now, have been told to wait for the real thing.
