RismadarVoice Reporters
September 8, 2026
The Dangote Petroleum Refinery and Petrochemicals FZE is set to open what is expected to be Africa’s largest Initial Public Offering on September 14, 2026, giving Nigerians an opportunity to become shareholders in the $20bn refinery.
The offer follows the signing of the transaction documents by Dangote Group President and Chief Executive Officer, Aliko Dangote, at an event held in Lagos on Monday.
The public offer comprises 4.1 billion ordinary shares at ₦525 per share, with the company targeting about ₦2.15tn to support an expansion that would increase the refinery’s capacity to approximately 1.4 million barrels per day.
Investors can subscribe for a minimum of 10 shares, costing ₦5,250.
Dangote said the low entry point was deliberately designed to allow ordinary Nigerians, including workers, drivers, cooks and domestic staff, to participate in the ownership of the refinery.
The offer is being coordinated by Vetiva Advisory Services Limited following approval from the Securities and Exchange Commission.
Subscription is scheduled to open on September 14 and close on October 13, 2026.
For prospective investors, here is how to participate.
STEP 1: OPEN A BROKERAGE ACCOUNT
Shares listed on the Nigerian Exchange are purchased through licensed stockbroking firms rather than directly from the company.
Anyone without an existing trading account will need to open one with a broker registered with the Securities and Exchange Commission and the Nigerian Exchange.
Many stockbrokers now offer online account opening, with applicants typically required to provide identification and other information needed for Know-Your-Customer verification.
Prospective investors should confirm that their chosen broker is properly licensed before transferring funds or submitting an application.
STEP 2: GET A CSCS ACCOUNT
Shares are held electronically through the Central Securities Clearing System, rather than through physical certificates.
A broker will generally open a CSCS account for a new investor or link an existing one to the investor’s trading account.
If shares are allotted following the offer, they will be credited electronically to the investor’s CSCS account.
STEP 3: COMPLETE YOUR VERIFICATION
After opening the brokerage account, investors must complete the required Know Your Customer (KYC) verification.
The exact documents required may vary among brokers, so applicants should follow the requirements provided by their chosen stockbroker.
Investors should ensure that all details supplied during registration are accurate to avoid delays in processing their applications.
STEP 4: FUND YOUR ACCOUNT
Once the account is active, investors should deposit the amount they intend to commit to the offer.
At ₦525 per share, the minimum application of 10 shares requires ₦5,250.
Those seeking to purchase more shares should check the final offer documents for the applicable application multiples and other conditions before submitting their requests.
It is advisable to have the funds available before the offer opens on September 14.
STEP 5: CONFIRM THE OFFER DETAILS
The public offer is expected to run from September 14 to October 13, 2026.
Investors should rely on the official prospectus and offer documents for the final terms, deadlines, application procedures and any subsequent changes.
Given the level of interest generated by the refinery’s earlier private placement, prospective investors should be cautious about information circulated through unofficial channels.
STEP 6: SUBMIT YOUR APPLICATION
After confirming the approved application channels, investors can submit their requests through their stockbrokers or other platforms specifically authorised under the offer documents.
Applicants should indicate the number of shares they wish to purchase, carefully review their information and submit the application before the closing date.
Investors should also verify any platform requesting payment for Dangote Refinery shares before sending money, particularly where the offer is being promoted outside established investment channels.
STEP 7: WAIT FOR ALLOTMENT
Submitting an application does not necessarily mean an investor will receive every share requested.
If the offer is oversubscribed, the number of shares allotted to each investor could be lower than the quantity applied for, depending on the terms of the offer.
Any applicable refund for shares not allotted will be handled in accordance with the terms contained in the prospectus.
Shares successfully allotted to investors will be credited to their CSCS accounts.
STEP 8: MONITOR YOUR INVESTMENT AFTER LISTING
Following the listing of the shares on the Nigerian Exchange, shareholders will be able to monitor the value of their holdings through their stockbrokers.
The market price of the shares may rise or fall depending on the company’s financial performance, investor sentiment and wider economic and market conditions.
Investors may choose to hold their shares as a long-term investment or sell them through their brokers after listing, subject to prevailing market conditions.
WHAT INVESTORS SHOULD KNOW
Before committing money, prospective shareholders should carefully read the official prospectus and other offer documents.
They should confirm the final offer terms, application deadlines, approved payment channels and other conditions directly from the authorised issuing houses, the Securities and Exchange Commission or the Nigerian Exchange.
The offer gives Nigerians an opportunity to participate in the ownership of one of Africa’s largest industrial projects, but investors should make decisions based on the official terms and their individual financial circumstances rather than relying solely on public excitement surrounding the refinery.
