• Minimum investment set at N5,250
• 4.1bn shares offered at N525 each
• Subscription runs September 14 to October 13
Nigerians will from Monday, September 14, have the opportunity to buy shares in the Dangote Petroleum Refinery and Petrochemicals FZE as the company opens what has been described as Africa’s largest-ever Initial Public Offering.
The offer comprises 4.1 billion ordinary shares priced at N525 each, with the company targeting about N2.15 trillion to part-fund the expansion of the refinery’s capacity from its current level to 1.4 million barrels per day.
Dangote Group Chief Executive Officer, Aliko Dangote, signed the offer documents alongside advisers and issuing houses at a ceremony held at Eko Hotels and Suites, Victoria Island, Lagos, on Monday.
The minimum subscription is 10 shares, which will cost investors N5,250.
Dangote said the low entry point was deliberately designed to enable ordinary Nigerians, including drivers, cooks and domestic workers, to become shareholders.
He described the offer as an “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.
The offer will open on September 14 and close on October 13, 2026.
How to buy Dangote Refinery shares
1. Open a brokerage account
Investors cannot buy the shares directly from the refinery. They must apply through a licensed stockbroking firm registered with the Securities and Exchange Commission and the Nigerian Exchange.
Those without trading accounts can register with a licensed broker, with most firms offering online registration.
Investors should confirm that their chosen broker is properly licensed before committing funds.
2. Open or link a CSCS account
Shares bought on the Nigerian Exchange are held electronically through the Central Securities Clearing System.
A broker will typically create or link a CSCS account for the investor. Shares successfully allotted in the IPO will subsequently be credited to the account.
3. Complete identity verification
Investors will be required to provide identification and other documents requested by their chosen broker to satisfy Know-Your-Customer requirements.
The exact requirements may vary among brokers.
4. Fund the account
Investors should fund their brokerage accounts ahead of the offer.
At N525 per share, the minimum subscription of 10 shares costs N5,250.
Those seeking to buy more shares should confirm the applicable application multiples and other requirements in the final prospectus and official offer documents.
5. Wait for the offer to open
The subscription window runs from September 14 to October 13, 2026.
Investors are advised to rely on the final prospectus and information from authorised issuing houses, the NGX and the SEC for the latest details.
6. Submit the application
Applications should be made through approved stockbrokers and any other platforms specifically listed in the official offer documents.
Investors should verify the platform before transferring money, as the SEC has warned against unauthorised persons soliciting funds for Dangote Refinery shares.
7. Wait for allotment
Applying for shares does not automatically guarantee that an investor will receive the full quantity requested.
If the offer is oversubscribed, applications may be scaled down in accordance with the terms of the offer.
Any unallotted funds are expected to be refunded in line with the conditions contained in the prospectus.
Successful shares will be credited to investors’ CSCS accounts.
8. Monitor the shares after listing
Once the shares are listed on the Nigerian Exchange, investors can monitor their value through their brokers.
The market price may rise or fall depending on the refinery’s performance, investor sentiment and wider market conditions.
Investors can subsequently hold their shares or sell them through their stockbrokers, subject to prevailing market prices and applicable market rules.
The public is advised to carefully read the official prospectus before investing and verify all details, including the offer price, subscription period and approved application channels, through authorised sources.
The development comes after Dangote Refinery’s reported July private placement, which attracted significant investor demand.
