How to buy Dangote Refinery shares as IPO opens September 14

Nigerians seeking to own a stake in the Dangote Petroleum Refinery and Petrochemicals FZE will have the opportunity to participate in the company’s public share offering when its Initial Public Offering opens on September 14, 2026.

The offer, which is being positioned as one of Africa’s biggest public equity offerings, comprises 4.1 billion ordinary shares priced at N525 each. The company hopes to raise about N2.15 trillion to support the expansion of the refinery’s production capacity to 1.4 million barrels per day.

At the minimum subscription of 10 shares, an investor would need N5,250 to participate.

Dangote Group Chief Executive Officer, Aliko Dangote, formally signed the offer documents on September 7 at Eko Hotels and Suites in Lagos, alongside transaction advisers and issuing houses handling the offer.

Dangote said the low minimum subscription was intended to make ownership accessible to a broad section of Nigerians, including ordinary workers.

The offer is being coordinated by Vetiva Advisory Services Limited following approval by the Securities and Exchange Commission. It is scheduled to close on October 13, 2026.

For prospective investors, participation will require completing a number of steps.

Open a brokerage account

Shares listed on the Nigerian Exchange are purchased through licensed stockbroking firms. Anyone without an existing trading account will need to register with a broker approved by the SEC and NGX.

Most brokers provide online registration, with applicants typically required to submit identification documents, a Bank Verification Number and a passport photograph to meet Know-Your-Customer requirements.

Investors should verify the registration status of any broker before transferring funds or submitting an application.

Get a CSCS account

Shares purchased through the Nigerian capital market are held electronically through the Central Securities Clearing System.

A broker will generally create or link a CSCS account when setting up an investor’s trading account. Any Dangote Refinery shares allotted to an investor will subsequently be credited to the account.

Complete verification

Investors must complete the identity checks required by their chosen brokerage before being allowed to participate in the offer.

Because documentation requirements may vary between brokers, applicants should follow the specific instructions provided by their stockbroking firm.

Fund the account

After activating the account, investors can deposit the amount they intend to commit to the offer.

At N525 per share, the minimum application of 10 shares will cost N5,250. Investors seeking to buy more shares should confirm the permitted application multiples and other conditions in the final prospectus before submitting their applications.

Confirm the official offer period

The IPO is expected to open on September 14 and close on October 13.

Investors should rely on the final prospectus and official offer documents for definitive information on the subscription period, terms and application procedures.

Apply through approved channels

Once the offer opens, investors can submit applications through participating stockbrokers and other platforms specifically authorised in the official offer documents.

Applicants should carefully review the number of shares requested and ensure their applications are submitted before the closing date.

Investors are also advised to be cautious of fraudulent platforms and individuals soliciting money for Dangote Refinery shares. Applications should only be made through channels confirmed by the issuing houses, SEC or NGX.

Wait for allotment

An application for a particular number of shares does not necessarily mean an investor will receive the entire amount requested.

If demand exceeds the number of shares available, the final allotment may be scaled down in accordance with the terms of the offer. Any applicable refund for shares not allotted would be handled under the conditions contained in the prospectus.

Shares allotted to successful applicants will be credited electronically to their CSCS accounts.

Monitor the investment after listing

Following the listing of the shares on the Nigerian Exchange, shareholders will be able to monitor their holdings through their stockbrokers.

The market value of the shares will fluctuate depending on the refinery’s performance, investor sentiment and wider market conditions.

Investors can subsequently decide whether to retain their shares or sell them through their brokers at the prevailing market price.

Prospective investors are advised to study the final prospectus and offer documents before committing funds and independently verify the offer price, application requirements, deadlines and approved subscription channels through the relevant official sources.