Nigerians will be able to start applying for shares in Dangote Petroleum Refinery and Petrochemicals FZE from Monday, September 14, 2026, when the company opens what is being billed as Africa’s largest Initial Public Offering.
The offer covers 4.1 billion ordinary shares priced at ₦525 each, targeting roughly ₦2.15 trillion. Investors can enter with a minimum of 10 shares, costing ₦5,250.
Dangote Group President Aliko Dangote signed the offer documents alongside advisers and issuing houses at a ceremony in Eko Hotels and Suites, Victoria Island, Lagos, on September 7.
The offer has SEC approval and is being coordinated by Vetiva Advisory Services Limited. It runs from September 14 to October 13, 2026.
Part of the proceeds will fund the refinery’s expansion to about 1.4 million barrels per day. Dangote said the low entry point was deliberate, calling it “the IPO for the people” and stressing that everyday workers — from drivers to cooks and domestic staff — should be able to own a stake.
Here’s how to participate:
1. Open a stockbroking account. Shares can’t be bought directly from the company. You’ll need to register with a stockbroker licensed by the SEC and NGX, usually via online KYC requiring your BVN, valid ID, and passport photograph. Confirm the broker’s licence before sending any money.
2. Get a CSCS account. Shares are held electronically through the Central Securities Clearing System, not paper certificates. Your broker will typically set this up as part of registration, or link an existing one. Any shares allotted to you land here.
3. Complete verification. Your account needs to clear the broker’s identity and compliance checks before it’s active. Requirements vary by broker, so follow their specific instructions.
4. Fund your account. Once active, fund it with your intended investment. Ten shares at ₦525 each comes to ₦5,250. For larger applications, check the final prospectus for allowed increments. Funding ahead of September 14 helps avoid last-minute delays.
5. Confirm official offer details. The offer runs September 14 to October 13. Rely only on the final prospectus and recognised capital-market channels — an earlier private placement in July was reportedly oversubscribed by 270%, so demand is expected to be high. Ignore prices or instructions from social media or unofficial groups.
6. Apply through approved channels. Submit your application through participating stockbrokers or officially authorised digital platforms, stating how many shares you want. The SEC has warned against dealing with unauthorised persons claiming to sell Dangote Refinery shares — verify any platform before paying.
7. Wait for allotment. Applying doesn’t guarantee you get the full quantity requested — if the offer is oversubscribed, applications may be scaled down per the prospectus. Unallotted funds should be refunded, while successful allotments appear in your CSCS account.
8. Monitor your shares after listing. Once listed on the NGX, the share price will fluctuate based on demand, the refinery’s performance, and market conditions — it won’t stay fixed at ₦525. You can hold long-term or sell through your broker at the prevailing price.
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