Everything You Need to Know About Dangote Refinery IPO

Since 14 September 2026, eligible investors have been able to apply for shares in Dangote Petroleum Refinery and Petrochemicals FZE through its Initial Public Offering (IPO). The offer will remain open until 13 October 2026.

The IPO offers 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer will raise approximately ₦2.15 trillion.

Here is what you need to know before subscribing.

What is an IPO?

An Initial Public Offering (IPO) is when a company offers its shares to the public for the first time.

When you buy shares, you become a shareholder in the company. Your shares represent a small ownership interest in the business.

For the Dangote Refinery IPO, each share costs ₦525, with a minimum subscription of 10 shares.

That means you can start with:

10 shares × ₦525 = ₦5,250

Additional applications must be made in multiples of 10 shares.

How much is the refinery worth?

At the offer price, the refinery has an implied valuation of approximately $49 billion.

The refinery currently has a capacity of about 700,000 barrels per day and plans to increase this to 1.4 million barrels per day.

The funds raised through the IPO will be used as growth capital for the refinery's expansion programme.

When does the IPO close?

The offer is already open and will close on:

13 October 2026

What happens after the IPO closes?

27 October - Subscription returns are collated

5 November - Allotment submitted to the SEC

11 November - SEC no-objection clearance

1 business day after clearance - Allotment announced

Within 5 business days after allotment - Surplus funds refunded

15 business days after allotment- Shares credited and trading begins

The indicative timetable places the crediting of shares to investors' CSCS accounts and commencement of trading around late November to early December 2026.

The official IPO website currently confirms the offer's opening and closing dates, while allotment and listing dates are subject to the offer process.

What happens if you apply for more shares than you receive?

This is where allotment comes in.

Allotment is the process of determining how many shares each investor receives after the offer closes.

For example, if you apply for 1,000 shares and demand exceeds the number of shares available, you may receive fewer than the 1,000 shares you requested.

Any surplus funds resulting from the difference will be refunded according to the offer timetable.

What will the money be used for?

The funds raised will be used as growth capital for the refinery's expansion programme.

Dangote Refinery plans to increase its processing capacity to 1.4 million barrels per day.

The refinery currently produces products including petrol, diesel and aviation fuel and supplies the Nigerian and international markets.

How is the refinery performing?

The refinery became operational in 2024 and has since increased production towards its current capacity.

It reached its 650,000-barrel-per-day nameplate capacity in February 2026 and successfully tested operations at up to 700,000 barrels per day in June 2026.

The company also reported $1.82 billion in profit after tax in the first half of 2026, according to reporting on the IPO documents.

What is the prospectus?

The prospectus is now available.

It is the main document investors should read before subscribing. It contains detailed information about the company, the offer, its financial position, use of proceeds and the risks associated with the investment.

The official IPO website specifically advises investors to read the prospectus before subscribing.

How can you invest?

The IPO is available through SEC-approved receiving agents and electronic application channels.

i-invest also provides access to the Dangote Refinery IPO, allowing eligible users to apply through the app.

However, investors should always confirm that the platform or channel they are using is among the officially approved channels before making payment. The SEC has specifically warned investors against sending money through unofficial platforms, individuals or links.

The minimum investment is ₦5,250 for 10 shares.

The Dangote Refinery IPO at a glance

Offer price: ₦525 per share
Shares on offer: 4.1 billion
Minimum subscription: 10 shares
Minimum investment: ₦5,250
Potential amount raised: Approximately ₦2.15 trillion
Implied valuation: Approximately $49 billion
Offer opened: 14 September 2026
Offer closes: 13 October 2026
Proposed listing: Nigerian Exchange (NGX)
Current capacity: Approximately 700,000 barrels per day
Target capacity: 1.4 million barrels per day
Expected trading: Indicatively late November to early December 2026

The Dangote Refinery IPO is currently open to eligible investors. If you are considering subscribing, read the prospectus, review the offer terms and use an approved subscription channel before 13 October 2026.