Dangote Petroleum Refinery is set to go public, allowing Nigerians to become shareholders in Africa’s biggest refinery.
The Securities Exchange Commission has approved the IPO, which will open on Monday, September 14, 2026. Dangote Refinery plans to offer 4.1 billion ordinary shares at ₦525 each. The company may raise approximately ₦2.15 trillion if the investors purchase all the shares offered.
Here are the important details to know. 
You Can Start With ₦5,250
The minimum subscription is 10 shares. At ₦525 per share, an investor needs at least ₦5,250 to participate. The low entry point is a strategy to attract ordinary retail investors rather than restrict the offer to only large institutions.
Aliko Dangote said at the IPO signing ceremony that the company wants workers, including drivers and cooks, to have an opportunity to own shares in the refinery.
The Offer Opens September 14
The public offer will open on Monday, September 14 and close on Tuesday, October 13, 2026.
Buying during the IPO does not mean investors can immediately start trading their shares. The company expects the shares to begin trading on the Nigerian Exchange later in November after it completes the offer, allotment and listing processes.
SEE ALSO: Dangote Refinery Plans $5B Regional IPO Ahead of Proposed South Africa Listing
Applying Does Not Guarantee You All the Shares
An investor may apply for shares during the offer period but an application does not guarantee that an investor will be fully allotted.
When demand for shares is greater than shares available, the company can issue fewer shares than an investor requested.
Investors must therefore make sure they differentiate between subscribing shares and their allotment.
The IPO Could Raise ₦2.15 Trillion
The transaction could become Africa’s largest IPO.
Selling all 4.1 billion shares at ₦525 would raise approximately ₦2.15 trillion, or about $1.6 billion. The company plans to use the capital as it expands its refining and petrochemical operations. Dangote has announced plans to increase the refinery’s capacity to 1.4 million barrels per day by 2029.
The refinery currently has a capacity of about 700,000 barrels per day.
You Are Buying Part of the Refinery Business
Buying the shares means becoming a shareholder in Dangote Petroleum Refinery and Petrochemicals FZE if the company allots shares to you.
It does not mean buying shares in every company owned by Dangote Industries. The refinery business remains the company at the centre of this particular IPO.
Dangote will also remain firmly in control of the business after the public offer.
You Will Need to Use an Approved Channel
Investors need not to send funds to individuals alleging that they are selling shares of Dangote Refinery.
According to the company’s official website for the IPO:
“Applications will be submitted via the SEC-approved receiving agents and electronic application channels.”
The fundamental process will be identity verification, choosing the number of shares and payment via an approved payment method.
Dangote has also cautioned investors not to give their PIN, password or OTP to anybody claiming to be from the IPO.
Buying Shares Still Comes With Risk
The Dangote name does not guarantee returns.
Once the shares begin trading, their market price can rise or fall. Investors could make money if the value increases, but they could also lose part of their investment if the price declines.
Owning shares may also provide access to dividends if the company declares them in the future. However, investors should not assume that dividends are guaranteed.
The company itself advises prospective investors to read the IPO prospectus before making a decision.
For Nigerians interested in participating, the key figures are straightforward: ₦525 per share, a minimum of 10 shares or ₦5,250, with the offer opening September 14 and closing October 13.
READ ALSO: Costly Mistakes African Entrepreneurs Keep Making: Aliko Dangote
About The Author
