How to Buy Dangote Refinery Shares

The Dangote Petroleum Refinery and Petrochemicals FZE will open its initial public offering on September 14, 2026, offering investors an opportunity to acquire shares in Nigeria’s largest refinery.

The landmark ₦2.15 trillion ($1.6 billion) offer involves 4.1 billion ordinary shares priced at ₦525 each.

The President of Dangote Group, Aliko Dangote, signed the offer documents on Monday at a ceremony held at Eko Hotel and Suites, Victoria Island, Lagos, alongside advisers and issuing houses managing the transaction.

The public offer is scheduled to close on October 13, giving investors four weeks to participate.

Dangote said the IPO was designed to give ordinary Nigerians an opportunity to own a stake in the refinery.

“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” he said.

Minimum subscription

The minimum subscription is 10 shares at an indicative price of ₦525 per share.

This means an investor can participate with a minimum of ₦5,250.

According to the Managing Director of Investment Banking at Chapel Hill Denham, Lanre Buluro, investors with a Bank Verification Number, mobile phone or laptop and a bank account can complete the subscription process digitally within two to three minutes.

Buluro described the transaction as the first of its type and said it would be conducted entirely online.

How to buy Dangote Refinery shares

Buluro said interested investors could subscribe through several platforms, including Moniepoint POS stations or its app, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Chapel Hill Denham’s Invest Naija platform.

Investors do not necessarily need an existing Central Securities Clearing System identity to participate.

According to Buluro, once an investor provides their BVN and bank account details through one of the participating platforms and their information is verified, a CSCS account can be created for them in less than two minutes.

A stockbroker is attached to the platforms facilitating the transaction.

After the transaction and before allotment, the stockbroker will contact the subscriber to provide their CSCS and Clearing House Number.

The allotted shares will subsequently be held in the investor’s CSCS account.

Buluro advised both new and existing investors to consult financial advisers and carefully read the prospectus before committing their money.

What happens after subscription?

At the close of the offer, the advisers and the Securities and Exchange Commission will review the total number of subscriptions received and determine the final allotment to investors.

Buluro said the offer also contains a provision to accommodate additional shares if demand exceeds the initial offer.

He explained that up to 30 percent more shares could be issued in the event of an oversubscription.

“Four point one billion shares are being offered, but there is the flexibility to take about 30 percent more. So, in the event of an oversubscription and they do apply that 30 percent oversubscription amount, about 5.3 billion shares could be issued to investors,” he said.

The Dangote Refinery IPO will therefore allow Nigerians and other eligible investors to participate in the ownership of the 650,000-barrel-per-day refinery through the capital market.