Nigerians interested in owning a stake in the Dangote Petroleum Refinery and Petrochemicals FZE will be able to apply for shares from Monday, September 14, 2026.
The public offer, which has been approved by the Securities and Exchange Commission (SEC), involves 4.1 billion ordinary shares priced at ₦525 each.
The offer is expected to raise approximately ₦2.15 trillion and will remain open until October 13, 2026.
Investors can participate with a minimum subscription of 10 shares, requiring an initial investment of ₦5,250.
The offer documents were signed by Dangote Group President, Aliko Dangote, alongside advisers and issuing houses during a ceremony held at Eko Hotels and Suites in Victoria Island, Lagos, on Monday, September 7.
Vetiva Advisory Services Limited is coordinating the offer.
Dangote said part of the funds raised would be used to support the expansion of the refinery, with plans to increase its processing capacity to approximately 1.4 million barrels per day.
He said the minimum subscription was deliberately kept low to give more Nigerians the opportunity to become shareholders.
Dangote described the exercise as an “IPO for the people,” noting that workers and ordinary Nigerians should have an opportunity to own shares in the refinery.
For prospective investors looking to participate, the process can generally be broken down into eight major steps.
1. Open a stockbroking account
Investors cannot ordinarily buy shares on the Nigerian Exchange directly from a company. Applications are processed through authorised capital-market operators.
Anyone without a brokerage account will therefore need to register with a stockbroker licensed by the SEC and the Nigerian Exchange.
Many stockbrokers offer online account-opening services. Applicants may be required to provide identification and other Know-Your-Customer information, including their Bank Verification Number and a valid means of identification.
Investors should confirm that their chosen broker is properly licensed before making any payment.
2. Obtain a CSCS account
Shares purchased on the Nigerian capital market are held electronically through the Central Securities Clearing System (CSCS).
New investors will generally have their stockbroker facilitate the opening of a CSCS account as part of the account-registration process.
Investors who already have a CSCS account can have it linked to their brokerage account.
If shares are allotted to an investor following the Dangote Refinery offer, the holdings will be credited electronically to the investor’s CSCS account.
3. Complete account verification
Registering with a stockbroker does not necessarily mean the account is immediately ready for transactions.
The broker must complete the necessary identity, compliance and Know-Your-Customer checks before activating the account.
Requirements may differ from one brokerage firm to another, so investors should follow the instructions issued by their chosen operator.
4. Fund your investment account
Once the brokerage account has been activated, investors can fund it with the amount they intend to commit to the offer.
At ₦525 per share, the minimum 10-share subscription will cost ₦5,250.
Those planning to apply for larger quantities should check the final offer documents for the approved subscription increments and other conditions.
Funding the account ahead of the opening date may also help investors avoid last-minute delays.
5. Verify the official offer information
The Dangote Refinery public offer is scheduled to open on September 14 and close on October 13, 2026.
Investors should rely on the final prospectus and information released through recognised capital-market channels before submitting applications or transferring money.
Interest in the offer could be significant, following reports that an earlier private placement in July was heavily oversubscribed.
Investors should be particularly cautious of unofficial social media posts, websites or individuals providing payment instructions or claiming to represent the offer.
6. Submit your application through approved channels
Once the offer opens, investors can apply through participating stockbrokers and other platforms specifically authorised under the offer documents.
Where officially approved, digital investment platforms may also provide access to the offer.
Applicants will need to state the number of shares they wish to purchase and complete the required application process before the closing date.
Investors should verify that any platform or intermediary requesting payment is officially authorised before proceeding.
7. Wait for the share allotment
Submitting an application does not automatically guarantee that an investor will receive the full number of shares requested.
If the offer is oversubscribed, investors may receive fewer shares than they applied for, depending on the allotment rules contained in the prospectus.
For instance, an investor who applies for 1,000 shares could receive a smaller allocation if demand significantly exceeds the shares available.
Funds relating to shares that are not allotted should be handled in accordance with the terms of the offer.
Successful investors should eventually see their allotted shares reflected in their CSCS accounts.
8. Monitor the shares after listing
Following the listing of the shares on the Nigerian Exchange, investors will be able to monitor the value of their holdings through their stockbrokers or approved trading platforms.
The share price may move above or below the ₦525 offer price once trading begins.
Its subsequent performance will depend on factors including demand and supply, the refinery’s financial results, investor expectations and wider economic conditions.
Shareholders can choose to retain their investment or sell their shares through their stockbrokers at the prevailing market price.
Important reminder for investors
Prospective investors should carefully read the final prospectus and verify all payment and application instructions through authorised channels before committing funds.
The fact that the offer is backed by a prominent company does not mean the investment is risk-free. Investors should consider their financial circumstances and understand the risks associated with investing in equities.
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