Dangote refinery IPO: Zenith Bank opens subscription channels

Zenith Bank has announced that Nigerians in the country and abroad can subscribe to the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering through its digital platforms and branches nationwide.

The bank, a receiving bank and designated electronic application channel for the offer, said investors could apply through its website, mobile application, internet banking, USSD, corporate internet banking and any of its branches.

Zenith said its network of 456 branches and 84 cash centres would provide prospective investors with access to the offer, regardless of their location.

According to the bank, every application will be linked to the investor’s Bank Verification Number to support identification and security throughout the subscription and allotment process.

The offer is expected to open on Monday, September 14, 2026, and close on Tuesday, October 13, 2026.

The shares are being offered at N525 each, with a minimum subscription of 10 shares valued at N5,250. The offer seeks to raise N2.15tn, which the bank described as the largest equity offering undertaken on the African continent.

Zenith said the prospectus also provides for a Retail Investor Incentive Programme, under which retail investors who subscribe and retain their shares may qualify for bonus shares, subject to regulatory approvals.

The bank said its digital infrastructure and experience in handling large-scale financial transactions positioned it to support the offer.

It noted that its most recent public offering was conducted mainly through digital channels, adding that its technology infrastructure had since been strengthened through a comprehensive overhaul.

Within the transaction, Quantum Zenith Capital & Investments Limited is listed among the joint issuing houses, while Zenith Bank will provide the channels for receiving and processing applications.

The bank advised interested investors to study the offer prospectus and comply with applicable regulations. It also encouraged prospective subscribers to seek independent professional advice where necessary.

Zenith said subscription would be made by opening or funding existing Zenith Bank accounts and paying through the bank’s electronic platforms before the offer closes on October 13.