The Dangote Petroleum Refinery and Petrochemicals FZE is set to open what has been described as Africa’s largest-ever Initial Public Offering (IPO) on Monday, September 14, 2026, giving Nigerians an opportunity to own equity in one of the country’s biggest industrial projects.
Dangote Group Chief Executive Officer, Aliko Dangote, signed the offer documents at a ceremony held at Eko Hotels and Suites, Victoria Island, Lagos, on Monday, September 7, alongside the advisers and issuing houses managing the offer.
The public offer comprises 4.1 billion ordinary shares priced at ₦525 per share, with the company targeting approximately ₦2.15 trillion to partly fund an expansion that would nearly double the refinery’s capacity to 1.4 million barrels per day.
The minimum subscription is 10 shares, requiring an investment of ₦5,250.
Dangote said the low entry threshold was deliberately designed to enable ordinary Nigerians, including drivers, cooks and domestic workers, to become shareholders, describing the offer as “the IPO for the people.”
ALSO: 32 Approved Channels to Buy Dangote Refinery IPO Shares (FULL LIST)
Lagos-based Vetiva Advisory Services Limited is coordinating the capital raise, which follows regulatory approval from the Securities and Exchange Commission (SEC).
The offer is scheduled to open on September 14 and close on October 13, 2026.
For Nigerians interested in participating, here is a step-by-step guide.
STEP 1: CHOOSE AN APPROVED SUBSCRIPTION CHANNEL
Investors should first confirm the platforms authorised to receive applications for the Dangote Refinery IPO, check 32 Approved Channels to Buy Dangote Refinery IPO Shares.
The company has published an official list of approved channels comprising banks, fintech companies, mobile operators and NGX Invest.
Investors should not transfer money to individuals or platforms claiming to sell Dangote Refinery shares unless they have been officially approved.
Before making any payment, cross-check the platform against the official list and the final offer documents.
STEP 2: SET UP A BROKERAGE ACCOUNT
Shares listed on the Nigerian Exchange are traded through licensed stockbroking firms.
If you do not already have a trading account, you may need to open one with a broker registered with the relevant Nigerian capital-market authorities.
Most brokers now offer online account opening and may require documents such as your Bank Verification Number (BVN), a valid means of identification, passport photograph and other Know-Your-Customer information.
Investors should verify the regulatory status of any broker or investment platform before committing funds.
STEP 3: LINK OR OPEN A CSCS ACCOUNT
Shares are held electronically through the Central Securities Clearing System (CSCS) rather than through physical certificates.
Your stockbroker will typically help you open or link a CSCS account as part of the account-opening process.
If you receive an allotment from the IPO, the shares will ultimately be credited electronically to your CSCS account in accordance with the offer and settlement process.
STEP 4: COMPLETE YOUR IDENTITY VERIFICATION
Before you can participate, your chosen broker or approved subscription platform may require you to complete identity and Know-Your-Customer verification.
Requirements can vary between providers, so investors should follow the specific documentation checklist provided by their chosen platform.
It is advisable to complete the verification process before the offer opens to avoid delays when submitting an application.
STEP 5: FUND YOUR ACCOUNT
Once your investment account is active, fund it with the amount you intend to invest.
At ₦525 per share, the minimum subscription of 10 shares costs ₦5,250.
For example:
- 10 shares = ₦5,250
- 100 shares = ₦52,500
- 500 shares = ₦262,500
- 1,000 shares = ₦525,000
Investors applying for more than the minimum should confirm the applicable application rules, including any permitted multiples, directly from the final prospectus or their approved subscription channel.
STEP 6: SUBMIT YOUR APPLICATION WHEN THE OFFER OPENS
The Dangote Refinery IPO is scheduled to open on September 14, 2026, and close on October 13, 2026.
Once the offer opens, investors can submit their applications through the approved channels specified in the official offer documents.
Applicants should carefully enter the number of shares they wish to purchase, review their information and ensure that payment is made only through the approved process.
Investors should avoid relying on unofficial social media posts, agents or individuals promising guaranteed allocations.
STEP 7: AWAIT ALLOTMENT
Submitting an application does not necessarily mean an investor will receive the full number of shares applied for.
If the offer is oversubscribed, the number of shares allotted to individual investors may be lower than the number requested, depending on the allocation rules contained in the prospectus.
Where an investor is not allotted the full amount applied for, any applicable excess funds should be handled in accordance with the terms of the offer.
Successful allotments will be credited to investors’ securities accounts through the applicable settlement process.
STEP 8: TRACK YOUR SHARES AFTER LISTING
Following the completion of the offer and listing of the shares on the Nigerian Exchange, investors will be able to monitor their holdings through their broker or investment platform.
The market value of the shares may rise or fall depending on Dangote Refinery’s financial performance, investor sentiment, oil and energy market conditions and broader movements in the Nigerian equities market.
Shareholders may choose to hold their investment or sell their shares through the secondary market, subject to prevailing market conditions and applicable trading rules.
What Investors Should Know Before Applying
Prospective investors should read the official prospectus and offer documents in full before committing funds.
They should also confirm the final offer price, opening and closing dates, minimum subscription, application procedure, allotment rules and approved subscription channels directly from the official offer documents and relevant regulatory or issuing-house sources.
Most importantly, investors should be wary of scams. Do not pay any individual or platform that is not listed among the officially approved channels for the Dangote Refinery IPO.
With a minimum investment of ₦5,250, the offer is designed to give a broad section of Nigerians an opportunity to participate in the ownership of the Dangote Refinery.
