Dangote Refinery IPO: Step-by-Step guide to buying shares

Dangote Petroleum Refinery and Petrochemicals FZE will be launching the biggest Initial Public Offering (IPO) that Africa has ever seen come Sunday, September 14, 2026, providing Nigerians the chance to be part owners of the refinery.

Aliko Dangote, Dangote Group Chief Executive Officer, signed the IPO documents on Monday, September 7, at a function that took place at Eko Hotels and Suites, Victoria Island, Lagos.

The documents were signed alongside advisers and issuing houses involved in the offer.

The IPO comprises 4.1 billion ordinary shares priced at N525 each, with the refinery targeting about N2.15 trillion from the offer.

The funds will be used partly to finance an expansion project aimed at almost doubling the refinery’s capacity from its current level to 1.4 million barrels per day.

The minimum subscription is 10 shares, which will cost investors N5,250.

Dangote said the low entry threshold was a deliberate choice to let ordinary workers — drivers, cooks and domestic staff among them — become shareholders, describing the offer as “the IPO for the people.”

Lagos-based Vetiva Advisory Services Limited is coordinating the capital raise, which follows approval from the Securities and Exchange Commission. The offer opens September 14 and is expected to close October 13, 2026.

For readers wondering how to actually take part, here is a step-by-step breakdown.

STEP 1: SET UP A BROKERAGE ACCOUNT

Ordinary shares on the Nigerian Exchange are bought through licensed stockbroking firms, not directly from the company.

If you do not already have a trading account, you will need to open one with a broker registered by the SEC and the NGX.

Most brokers now let you register online by submitting your Bank Verification Number, a valid ID and passport photograph as part of standard Know-Your-Customer checks.

Before committing funds, confirm the broker’s registration status on the SEC or NGX website to avoid unauthorised operators.

STEP 2: LINK OR OPEN A CSCS ACCOUNT

Shares are not issued as paper certificates; they are held electronically in the Central Securities Clearing System. When you open a trading account, your broker will typically set up a CSCS account for you at the same time, or link an existing one. Any shares allotted to you in the IPO will be credited to this account once trading begins.

STEP 3: COMPLETE IDENTITY VERIFICATION

Your broker will ask for documentation to verify your identity and activate your account before you can subscribe. Requirements differ slightly from one brokerage to another, so follow whatever checklist your chosen firm provides rather than assuming a uniform process across the industry.

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 scale of public interest already generated by Dangote’s private placement in July — reportedly oversubscribed by 270 per cent — investors should rely only on the final prospectus and offer documents published by the issuing houses for exact dates, application procedures and any changes, rather than dates circulating informally.

STEP 6: SUBMIT YOUR APPLICATION THROUGH APPROVED CHANNELS

Applications will run through participating stockbrokers and any other platforms named in the official offer documents, which may include selected fintech and mobile investment apps. Specify how many shares you want, review the application carefully and submit before the deadline. The SEC has previously warned Nigerians against unauthorised parties soliciting money for Dangote Refinery shares outside verified channels, so cross-check any platform against the official list before paying anything.

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 list on the Nigerian Exchange, you can monitor their value through your broker’s trading platform or app. Prices will move with company performance, investor sentiment and broader market conditions, and shareholders can choose to hold for the long term or sell through their broker whenever they wish, subject to prevailing market prices.

Before applying, investors should read the official prospectus and offer documents once published, and confirm details such as the exact offer price, subscription deadlines and approved application channels directly through the issuing houses, the Nigerian Exchange or the Securities and Exchange Commission.