The Dangote Petroleum Refinery and Petrochemicals FZE is set to open what is being described as Africa’s largest-ever initial public offering (IPO) on Monday, September 14, giving Nigerians an opportunity to own shares in the multibillion-dollar refinery.
Dangote Group Chief Executive Officer Aliko Dangote signed the offer documents on Monday, September 7, at Eko Hotels and Suites in Victoria Island, Lagos, alongside advisers and issuing houses handling the transaction.
The offer consists of 4.1 billion ordinary shares at N525 per share, with the company targeting about N2.15 trillion to partly fund an expansion that would increase the refinery’s capacity to 1.4 million barrels per day.
The minimum subscription is 10 shares, meaning an application at the minimum offer size would cost N5,250. Dangote said the low entry point was designed to allow more Nigerians, including ordinary workers, to participate in the share ownership.
He described the transaction as “the IPO for the people.”
Vetiva Advisory Services Limited is coordinating the capital raise following approval by the Securities and Exchange Commission (SEC). The offer is scheduled to open on September 14 and close on October 13, 2026.
How to Apply for Dangote Refinery Shares
- Open a brokerage account
Shares listed on the Nigerian Exchange are purchased through licensed stockbroking firms. Investors without an existing trading account will need to register with a broker authorised by the SEC and NGX.
- Set up a CSCS account
Shares are held electronically through the Central Securities Clearing System (CSCS). Your broker will generally create or link the required CSCS account during the account-opening process.
- Complete verification
Investors will need to complete the broker’s Know-Your-Customer requirements before subscribing. Documentation and verification procedures may vary between brokers.
- Fund the account
The minimum 10-share application at N525 per share comes to N5,250. Investors considering more shares should check the final prospectus for the applicable application rules and increments before submitting an application.
- Confirm the official offer details
The IPO is scheduled to run from September 14 to October 13. Investors should rely on the final prospectus and official offer documents for the confirmed deadlines, procedures and participating channels.
- Apply through approved channels
Applications should be made through authorised stockbrokers and other platforms specifically identified in the official offer documents. Investors should be particularly careful of individuals or platforms requesting money for Dangote Refinery shares without appearing on the approved list.
- Wait for allotment
An application does not necessarily mean an investor will receive every share requested. If demand exceeds the shares available, allotment could be scaled down, with the treatment of any unallocated funds determined by the terms of the offer.
- Monitor the shares after listing
Once the shares are listed on the Nigerian Exchange, successful investors will be able to monitor their holdings through their broker. The market value of the shares can rise or fall depending on the company’s performance, investor demand and wider market conditions.
Prospective investors should read the official prospectus carefully before applying and independently verify the offer price, dates, application procedures and approved channels through the SEC, Nigerian Exchange and the authorised issuing houses.
