Nigerians will have the opportunity to become shareholders in the Dangote Petroleum Refinery and Petrochemicals FZE when its Initial Public Offering opens on September 14, 2026.
According to a report by PUNCH, the offer comprises 4.1 billion ordinary shares priced at N525 per share, with the refinery targeting about N2.15tn to help fund an expansion that would nearly double its capacity to 1.4 million barrels per day.
The minimum subscription is 10 shares, meaning investors can apply with N5,250.
The offer is expected to 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 need to use a stockbroking firm registered with the Securities and Exchange Commission and the Nigerian Exchange.
Many brokers allow customers to complete registration online. Applicants will generally need details such as their Bank Verification Number, valid identification and passport photograph.
Investors should verify that their chosen broker is authorised before transferring funds.
2. Set up a CSCS account
Shares purchased through the Nigerian Exchange are held electronically through the Central Securities Clearing System.
A broker will typically create a CSCS account for a new investor or link an existing account. Shares allotted to an investor will subsequently be credited to the account.
3. Complete identity verification
The brokerage firm will verify the investor’s identity and documents before activating the account for transactions.
Requirements can vary between brokers, so investors should follow the specific verification process provided by their chosen firm.
4. Fund the account
At N525 per share, the minimum 10-share application costs N5,250.
Investors intending to apply for more shares should check the final prospectus for the applicable application increments and other conditions before committing additional funds.
5. Wait for the offer to open
The Dangote Refinery IPO is scheduled to open on September 14 and close on October 13, 2026.
Investors should rely on the final prospectus and official offer documents for the confirmed dates, procedures and approved channels.
6. Submit the application
Once the offer opens, investors can apply through participating stockbrokers and other channels listed in the official offer documents.
Applicants should carefully check the number of shares requested and ensure payments are made only through verified channels.
The Securities and Exchange Commission has warned investors about unauthorised parties seeking money for Dangote Refinery shares.
7. Wait for allotment
Applying for shares does not necessarily mean an investor will receive the full number requested.
If the offer is oversubscribed, investors may receive fewer shares than they applied for. Any applicable refund for unallotted shares will be handled according to the terms of the prospectus.
Successful allotments will be credited to investors’ CSCS accounts.
8. Monitor the shares after listing
After the shares are listed on the Nigerian Exchange, shareholders can monitor their investment through their broker’s platform.
The market value of the shares will fluctuate depending on the refinery’s performance, investor demand and wider market conditions.
Shareholders can subsequently choose to retain their shares or sell them through their broker at the prevailing market price.
Investors urged to verify official information
Before subscribing, prospective investors should read the final prospectus and offer documents carefully.
They should also confirm the final offer price, subscription dates, application process and approved channels directly through the issuing houses, the Nigerian Exchange or the Securities and Exchange Commission.
