IPMAN to Members: Seize the Dangote Refinery Shares Opportunity

The Independent Petroleum Marketers Association of Nigeria has urged its members nationwide to invest in the planned initial public offering of Dangote Petroleum Refinery, saying the share sale will allow them to move from being buyers of refined products to becoming equity owners in one of Nigeria’s largest refining assets.

IPMAN’s National President, Abubakar Shettima, also appealed to the refinery to expand its direct allocation of Premium Motor Spirit to cover all registered independent marketers.

A Call to Own the Future

ValidViewNetwork gathered that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members nationwide to invest in the planned initial public offering of Dangote Petroleum Refinery, saying the share sale will allow them to own stakes in the refinery.

The association said the IPO would allow independent petroleum marketers to move beyond being buyers of refined products to becoming shareholders in one of Nigeria’s largest refining assets.

The National President of IPMAN, Abubakar Shettima, made the call in a statement on Thursday, September 10, 2026, while congratulating the management and board of Dangote Petroleum Refinery and Petrochemicals on the planned public share sale.

A Strategic Opportunity

Shettima urged members to take advantage of the offering, describing it as an opportunity for them to acquire equity in the refinery.

“The National President of IPMAN therefore calls on her members nationwide to aggressively capitalise on this share sale, as it is a rare, strategic opportunity to evolve from off-takers of petroleum products into equity owners of the primary production infrastructure,” he said.

“This investment will similarly strengthen our collective capacity to guarantee affordable, steady, unhindered fuel distribution across all 36 states, and ensure price stability at our pumps,” he added.

The Scale of the IPO

The IPO, which opens for subscription on September 14, 2026, and runs until October 13, 2026, comprises 4.1 billion ordinary shares at an offer price of N525 per share, with a minimum subscription of 10 shares valued at N5,250.

If fully subscribed, the offer could raise approximately N2.15 trillion ($1.6 billion), making it the largest IPO in African history and potentially attracting up to 10 million shareholders across Africa.

Demand for Wider Allocation

IPMAN also appealed to Dangote Refinery to expand its direct allocation of Premium Motor Spirit to cover all registered independent petroleum marketers.

“Rather than limiting access or cutting off select distribution channels, IPMAN urges the refinery to expand its direct allocation framework to comprehensively capture every registered independent marketer nationwide, instead of a select few, as this is crucial to eliminating anti-competitive bottlenecks, suppressing exorbitant logistical middlemen fees, and ensuring that affordable, locally refined fuel reaches every citizen,” the statement said.

The association said restricting direct supplies to selected marketers could create distribution bottlenecks and increase logistics costs.

IPMAN noted that it controls more than 80 per cent of Nigeria’s downstream petroleum retail infrastructure through over 150,000 retail outlets across the country.

A Call to End Fuel Importation

IPMAN also called on the Federal Government to discourage continued importation of petrol, arguing that greater reliance on locally refined products would reduce pressure on the country’s foreign exchange and lower distribution costs.

“Embracing our domestic refining capabilities is a patriotic obligation that will eliminate costly freight and port charges, stimulate local employment, and pave the quickest path toward complete national energy independence,” Shettima said.

A Lesson for Nigeria

The IPMAN endorsement of the Dangote Refinery IPO marks a potential shift in Nigeria’s downstream petroleum sector, from a model where marketers are passive buyers to one where they are active owners of the refining infrastructure that supplies their businesses.

The association’s call for expanded petrol allocation is equally significant: it raises a fundamental question about whether the benefits of local refining will be broadly shared or captured by a select few.

For Nigeria, the lesson is clear: economic sovereignty is not achieved simply by refining crude locally, it is achieved when the benefits of that refining are equitably distributed.

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The same stakeholders who demand access today must be prepared to invest for the long term.

IPMAN’s members have an opportunity to put their money where their advocacy is, and to help build a petroleum sector that serves all Nigerians, not just the powerful.Invest in the future. Demand equitable access.

And never forget that energy independence without shared prosperity is merely a slogan.