Nigerians seeking a stake in the Dangote Petroleum Refinery will be able to subscribe for shares from Monday, September 14, when the company opens what is being described as Africa’s largest-ever initial public offering.
The offer provides an opportunity for individual investors to acquire equity in the 650,000-barrel-per-day refinery as the Dangote Group seeks about ₦2.15tn to support an expansion that is expected to take its capacity to 1.4 million barrels per day.
The company is offering 4.1 billion ordinary shares at ₦525 each. Dangote Group Chief Executive Officer, Aliko Dangote, signed the offer documents on Monday at Eko Hotels and Suites, Victoria Island, Lagos, alongside the advisers and issuing houses handling the transaction.
Dangote said the offer had been structured to give ordinary Nigerians a chance to participate in ownership of the refinery.
He described it as “the IPO for the people”. He said the low entry point was intended to accommodate workers such as drivers, cooks, and domestic staff.
At ₦525 per share, the minimum subscription stated in the offer is 10 shares, requiring ₦5,250.
How to subscribe
1. Open a stockbroking account
Investors cannot purchase the shares directly from the refinery. They must use a stockbroker licensed by the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NE).
Those without brokerage accounts will need to register with an approved broker. The process generally requires identification documents, a Bank Verification Number (BVN) and a passport photograph for Know-Your-Customer checks.
2. Set up a CSCS account
Shares bought on the Nigerian Exchange (NE) are held electronically through the Central Securities Clearing System (CSCS).
A broker will typically create or link a CSCS account during the account-opening process. Shares allotted to successful applicants will subsequently be credited electronically to that account.
3. Complete verification
Applicants must satisfy their broker’s identity and account verification requirements before submitting an application. The precise documentation may differ among brokerage firms.
4. Fund the account
Once the account has been activated, investors should deposit the amount required for their intended subscription.
The minimum 10-share application costs ₦5,250. Those seeking additional shares should consult the final prospectus for the approved application increments and other conditions.
5. Apply through authorised channels
The offer is scheduled to open on September 14 and close on October 13, 2026.
Investors should submit applications only through stockbrokers and other platforms expressly identified in the official offer documents. The SEC has previously warned against unauthorised persons soliciting money for Dangote Refinery shares.
6. Wait for allotment
An application does not automatically guarantee that every requested share will be allotted.
If demand exceeds the number available, successful applicants may receive fewer shares than requested. Any applicable refund for unallotted shares will be handled according to the terms contained in the prospectus.
7. Monitor the investment after listing
Once the shares are listed on the Nigerian Exchange, shareholders can monitor their holdings through their brokers.
The market value of the stock will fluctuate according to factors including the company’s performance and investor sentiment. Investors can subsequently decide whether to retain or sell their holdings through approved market channels.
Vetiva Advisory Services Limited (VASL) is coordinating the capital raise, which has received approval from the SEC.
The offer follows a private placement completed in July, reportedly attracting demand substantially above the amount offered. The public sale is expected to give Nigerians their first opportunity to acquire shares in the refinery through a public equity offering.
Before committing funds, prospective investors should study the final prospectus and verify the approved application channels, offer conditions, subscription period, and other relevant details with the issuing houses, SEC, or Nigerian Exchange.
READ RELATED NEWS UPDATES
Dangote refinery puts Nigerian investors first
Why Aliko Dangote remains one of Nigeria’s most influential figures
Dangote refinery IPO opens ownership to ordinary Nigerians
