The Dangote Petroleum Refinery and Petrochemicals FZE will launch what is expected to be Africa’s largest-ever Initial Public Offering on Monday, September 14, 2026, offering Nigerians an opportunity to acquire shares in the refinery.
Dangote Group Chief Executive Officer, Aliko Dangote, signed the offer documents on Monday, September 7, 2026, at a ceremony held at Eko Hotels and Suites in Victoria Island, Lagos, alongside the advisers and issuing houses overseeing the offering.
The IPO comprises 4.1 billion ordinary shares priced at N525 per share, with the company seeking to raise approximately N2.15tn to partly finance an expansion project that would almost double the refinery’s capacity to 1.4 million barrels per day.
The minimum subscription is 10 shares, requiring an investment of N5,250.
Dangote said the low minimum subscription was deliberately set to make the offer accessible to ordinary workers, including drivers, cooks and domestic staff, allowing them to become shareholders. He described the offering as “the IPO for the people.”
Lagos-based Vetiva Advisory Services Limited is coordinating the capital raise, which was approved by the Securities and Exchange Commission.
The offer will open on September 14 and close on October 13, 2026.
STEP 1: SET UP A BROKERAGE ACCOUNT
Shares listed on the Nigerian Exchange are purchased through licensed stockbroking firms rather than directly from the company.
If you do not already have a trading account, you will need to open one with a broker registered with the Securities and Exchange Commission and the Nigerian Exchange. Many brokers offer online registration, typically requiring your Bank Verification Number, a valid means of identification and a passport photograph to complete Know-Your-Customer checks.
Before depositing any money, verify that the broker is licensed by checking its registration details on the SEC or NGX website. This will help protect you from dealing with unauthorised operators.
STEP 2: LINK OR OPEN A CSCS ACCOUNT
Shares are not issued as physical certificates. Instead, they are held electronically through the Central Securities Clearing System, which maintains investors’ securities records.
If you already have a CSCS account, your broker can link it to your trading account. New investors will need to have a CSCS account created as part of the onboarding process before they can hold shares electronically.
STEP 3: COMPLETE IDENTITY VERIFICATION
Before you can subscribe to the offer, your broker will require you to complete an identity verification process and activate your trading account.
The documents and information required may vary from one brokerage firm to another. Investors should therefore follow the specific verification checklist provided by their chosen broker and ensure all submitted details are accurate and up to date.
STEP 4: FUND YOUR ACCOUNT AHEAD OF THE OFFER
Once your account is active, deposit the sum you plan to invest. At N525 per share, the minimum commitment of 10 shares costs N5,250. The exact increment for applications above that minimum has not been detailed in public reporting so far, so confirm it against the final prospectus before deciding how many additional shares to apply for. Investors should have their funds ready before the offer opens on September 14 rather than scrambling once subscription begins.
STEP 5: WATCH FOR THE OFFICIAL OPENING
The offer opens September 14 and is billed to run until October 13, 2026.Given the strong public interest generated by Dangote’s private placement in July, which was reportedly oversubscribed by 270 per cent, investors should rely on the final prospectus and official offer documents issued by the approved issuing houses for accurate information.
These documents should be treated as the primary source for confirming the offer timeline, application procedures, payment details and any subsequent changes, rather than relying on dates or instructions circulating informally.
STEP 6: SUBMIT YOUR APPLICATION THROUGH APPROVED CHANNELS
Applications will be processed through participating stockbroking firms and other platforms listed in the official offer documents, which may include selected fintech and mobile investment platforms.
Investors should indicate the number of shares they wish to purchase, carefully review their application details and submit them before the offer closes.
The Securities and Exchange Commission has previously warned Nigerians against unauthorised individuals or platforms soliciting funds for Dangote Refinery shares outside verified channels. Investors should therefore cross-check any platform against the official list of approved channels before making payments.
STEP 7: AWAIT ALLOTMENT
Submitting an application does not guarantee the full number of shares requested. If the offer is oversubscribed — a real possibility given the scale of demand already reported — allotment may be scaled down, and any unallotted portion of your payment should be refunded according to the terms set out in the prospectus. Successful allotments are credited directly to your CSCS account.
STEP 8: TRACK YOUR HOLDINGS AFTER LISTING
Once the shares are listed on the Nigerian Exchange, investors will be able to monitor their value through their broker’s trading platform or mobile app.
The share price will fluctuate based on the company’s performance, investor sentiment and broader market conditions. Shareholders may choose to hold the investment for the long term or sell their shares through their broker, subject to the prevailing market price and applicable trading rules.
Before applying, investors should carefully review the official prospectus and offer documents once they are published. They should also confirm key details, including the final offer price, subscription deadline and approved application channels, directly from the issuing houses, the Nigerian Exchange or the Securities and Exchange Commission.
Relying on official sources will help investors avoid misinformation, fraudulent offers and unauthorised application platforms.
