Dangote Refinery IPO Launches on September 14, Offering 4.1 Billion Shares at N525 Each

The Dangote Petroleum Refinery and Petrochemicals FZE is set to initiate Africa’s largest initial public offering on 14 September 2026, giving Nigerian investors a chance to acquire a stake in the project. Aliko Dangote, chief executive of the Dangote Group, signed the offering agreements on 7 September 2026 at Lagos’s Eko Hotels & Suites, together with the advisers and issuing banks handling the deal.

The float comprises 4.1 billion ordinary shares priced at N525 per share, targeting roughly N2.15 trillion to finance an expansion that would lift refinery capacity to about 1.4 million barrels per day. Investors may subscribe to as few as ten shares, amounting to N5,250, a low entry point that Dangote described as an “IPO for the people,” aimed at ordinary workers such as drivers, chefs and domestic staff.

Prospective buyers must open a brokerage account with a SEC‑ and NGX‑licensed firm, after which the broker will set up or link a Central Securities Clearing System (CSCS) account. Identity verification, funding the account with at least the minimum amount, and confirming the broker’s registration are required steps before the subscription window opens on 14 September and closes on 13 October 2026. Applications are to be lodged through the approved brokers or designated fintech platforms, and the Securities and Exchange Commission has warned the public to avoid unverified parties soliciting funds for the shares.

Allocation of shares will depend on demand; an oversubscribed offer could result in reduced allotments, with any excess funds refunded according to the prospectus. Successful allocations will be credited to the investor’s CSCS account, and once the shares list on the Nigerian Exchange, holders can monitor price movements via their broker’s platform and choose to retain or sell the holdings at market rates.

Source: www.gistreel.com