Nigerians looking to own a slice of Africa’s biggest refinery will from next week be able to subscribe through more than 50 officially approved channels spanning commercial banks, stockbroking firms and fintech platforms, as the much-anticipated public offer of Dangote Petroleum Refinery & Petrochemicals finally opens to retail and institutional investors.

The offer, priced at ₦525 per share with a minimum subscription of just 10 shares — putting the entry cost at ₦5,250 — involves 4.1 billion shares valued at roughly ₦2.15 trillion. The subscription window runs from September 14 to October 13, 2026.

On the banking side, subscribers can walk into any branch or use the digital portals of 19 institutions, including Access Bank, Zenith Bank, Guaranty Trust Bank (GTCO), United Bank for Africa, First Bank, Fidelity Bank, Sterling Bank, Wema Bank, Ecobank, FCMB, Union Bank, Stanbic IBTC, Jaiz Bank, LOTUS Bank, Keystone, Globus, PremiumTrust, ProvidusUnity and TAJBank — or go through the NGX Invest Portal.

Investors who prefer dealing with licensed brokers have 16 stockbroking platforms at their disposal, among them InvestNaija (Chapel Hill Denham), Vetiva Invest, Afrinvestor, CS Alpha (CardinalStone), Coronation Wealth, Meritrade (Meristem), i-Invest (Parthian Partners) and InvestNow (United Capital).

For digitally savvy Nigerians, 19 fintech and payment platforms — including PiggyVest, Cowrywise, Bamboo, Flutterwave, Moniepoint, Paga, Remita, MTN MoMo, Airtel SmartCash and Revve — have also been cleared to receive subscriptions.

First-time investors will need a Bank Verification Number and a Central Securities Clearing System account number, which their chosen broker or platform will help them set up.

Regulators have, however, sounded a note of caution. The Securities and Exchange Commission has warned investors to steer clear of unauthorised operators soliciting funds for the refinery’s shares, advising the public to deal only through channels listed on the official IPO website. Subscriptions are accepted only through approved channels listed on ipo.dangote.com.

The listing is expected to be one of the largest public offers in the history of the Nigerian capital market, giving millions of retail investors a rare opportunity to participate in the ownership of the 650,000-barrels-per-day refinery, which has transformed Nigeria’s fuel supply landscape since coming onstream.

FULL LIST:
Banks & NGX platforms (20)
1. NGX Invest Portal
2. Access Bank
3. Ecobank Nigeria
4. Fidelity Bank
5. First Bank of Nigeria
6. First City Monument Bank (FCMB)
7. Globus Bank
8. Guaranty Trust Bank (GTCO)
9. Jaiz Bank
10. LOTUS Bank
11. Keystone Bank
12. PremiumTrust Bank
13. ProvidusUnity Bank
14. Stanbic IBTC Bank
15. Sterling Bank
16. TAJBank
17. Union Bank of Nigeria
18. United Bank for Africa (UBA)
19. Wema Bank
20. Zenith Bank

Stockbroking & investment platforms (16)
1. InvestNaija — Chapel Hill Denham Securities
2. Vetiva Invest — Vetiva Securities
3. Afrinvestor — Afrinvest Securities
4. AnchoriaApp — Anchoria Securities
5. Bancorp TradePal — Bancorp Securities
6. CS Alpha — CardinalStone Securities
7. Coronation Wealth — Coronation Securities
8. First Securities Brokers
9. Advanta — FSDH Capital
10. FutureView Invest — Futureview Securities
11. InvestNow — United Capital Securities
12. Meritrade — Meristem Stockbrokers
13. MorganCapital Securities
14. i-Invest — Parthian Partners
15. Tiddo Invest — Tiddo Securities
16. Zedcrest Wealth — Zedcrest Securities

Fintech & digital platforms (19)
1. SabiVest — Africa Prudential
2. Bamboo
3. Flutterwave
4. Ladder
5. MTN MoMo
6. Moniepoint
7. Paga
8. Payaza
9. PiggyVest
10. Airtel SmartCash
11. we.yan
12. Cowrywise
13. MyInvestar — First Ally Asset Management
14. Revve
15. Paystro
16. Remita
17. VBank.ng — VFD Microfinance Bank
18. Ecobank Transactional
19. SBG Securities (South Africa)