The Dangote Petroleum Refinery and Petrochemicals FZE is set to open what has been described as Africa’s largest Initial Public Offering (IPO) on Monday, September 14, 2026, giving Nigerians an opportunity to become shareholders in the $20 billion refinery.
The offer comprises 4.1 billion ordinary shares priced at N525 each, with the company targeting about N2.15 trillion to part-fund an expansion that would increase the refinery’s capacity to 1.4 million barrels per day.
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 advisers and issuing houses managing the offer.
The minimum subscription is 10 shares, requiring an investment of N5,250.
Dangote said the low entry threshold was deliberately designed to allow ordinary Nigerians, including drivers, cooks and domestic workers, to own shares in the company.
He described the offer as “the IPO for the people”.
Lagos-based Vetiva Advisory Services Limited is coordinating the capital raise, which has received approval from the Securities and Exchange Commission (SEC).
The offer is scheduled to open on September 14 and close on October 13, 2026.
Here is a step-by-step guide on how prospective investors can participate.
STEP 1: Open a Stockbroking Account
Investors cannot buy shares directly from the refinery. Shares listed on the Nigerian Exchange are purchased through licensed stockbroking firms.
Those who do not already have a trading account will need to open one with a broker registered with the SEC and the Nigerian Exchange (NGX).
Many brokers now offer online registration, although applicants will be required to provide information and documents needed for Know-Your-Customer verification.
Investors should confirm that their chosen broker is properly licensed before transferring funds or submitting an application.
STEP 2: Open or Link a CSCS Account
Shares are held electronically through the Central Securities Clearing System (CSCS) rather than through physical certificates.
A broker will typically assist a new investor in opening a CSCS account or linking an existing account to the trading account.
Any shares allotted to an investor from the Dangote Refinery offer will subsequently be credited electronically to the investor’s CSCS account.
STEP 3: Complete Verification
After opening an account, investors must complete the verification process required by their chosen brokerage firm.
The exact documentation and procedures may vary between brokers, so prospective investors should follow the requirements provided by their licensed broker.
STEP 4: Fund Your Account
Investors should ensure that sufficient funds are available before submitting their applications.
At N525 per share, the minimum application of 10 shares costs N5,250.
Those seeking to purchase more shares should confirm the applicable application multiples and other conditions in the final prospectus before submitting their applications.
Investors are also advised to make their funds available ahead of the September 14 opening date.
STEP 5: Confirm the Official Offer Details
The IPO is scheduled to open on September 14 and close on October 13, 2026.
Given the significant public interest surrounding the offer, investors should rely on the final prospectus and official offer documents for definitive information on the subscription period, application process, share multiples and other terms.
STEP 6: Submit Your Application
Once the offer opens, investors can submit their applications through participating stockbrokers and any other channels specifically authorised in the official offer documents.
Applicants should carefully indicate the number of shares they wish to purchase and verify all details before submitting their applications.
Investors should also be cautious of fraudulent schemes and avoid transferring money to individuals or platforms that cannot be verified as approved channels for the offer.
STEP 7: Wait for Allotment
Submitting an application does not necessarily mean an investor will receive every share requested.
If the offer is oversubscribed, investors could receive fewer shares than they applied for.
Any portion of an application that is not allotted will be handled in accordance with the terms contained in the offer documents.
Successful allotments will be credited electronically to investors’ CSCS accounts.
STEP 8: Monitor Your Investment After Listing
Following the listing of the shares on the Nigerian Exchange, shareholders will be able to monitor their holdings through their stockbrokers.
The market value of the shares may rise or fall depending on the refinery’s performance, investor sentiment, market conditions and other economic factors.
Shareholders who decide to sell their shares after listing can do so through their licensed brokers at the prevailing market price.
Important Notice to Investors
Prospective investors should read the official Dangote Refinery prospectus and offer documents carefully before applying.
They should also verify the final offer terms, subscription deadlines, approved application channels and other requirements directly through the relevant issuing houses, the Nigerian Exchange or the Securities and Exchange Commission.
Investors should not rely solely on information circulating on social media or unofficial platforms when making investment decisions.
