Business
Dangote Refinery Opens IPO for Investors on September 14
Dangote Refinery will open its ₦2.15 trillion IPO on September 14, offering shares at ₦525 each and allowing investors to subscribe with as little as ₦5,250.
Dangote Petroleum Refinery and Petrochemicals FZE is set to open its highly anticipated Initial Public Offering (IPO) on September 14, 2026, giving eligible investors an opportunity to acquire shares in one of Africa’s biggest industrial projects.
The refinery is offering 4.1 billion ordinary shares at ₦525 per share, with the base offer expected to raise approximately ₦2.15 trillion ($1.63 billion) if fully subscribed. The minimum subscription is 10 shares, costing ₦5,250.
The public offer is scheduled to run from September 14 to October 13, 2026, with the shares expected to be listed on the Nigerian Exchange later in November, according to the indicative timetable presented at the IPO signing ceremony.
The IPO follows regulatory approval from Nigeria’s Securities and Exchange Commission and is expected to become Africa’s largest-ever share sale. The offering is designed to encourage broad participation, including retail investors.
How Much Do Dangote Refinery Shares Cost?
Each share is priced at ₦525, meaning an investor can start with the minimum subscription of 10 shares for ₦5,250.
The official IPO website says investors will need to provide their Bank Verification Number (BVN) and use an approved subscription channel. Approved channels include participating banks, fintech platforms, mobile-money services and other authorised operators.
Investors are advised to use only approved subscription channels and to avoid anyone requesting their PIN, password or OTP. The official IPO website specifically warns investors about potential scams surrounding the offer.
Why Is Dangote Raising Money?
The proceeds will support the refinery's ambitious expansion programme. Dangote plans to increase its refining capacity to approximately 1.4 million barrels per day, with the expansion targeted for completion by 2029. The company disclosed a planned investment of about $14.3 billion for the expansion.
The refinery, which began operations in 2024, currently has a capacity of about 700,000 barrels per day and has become a major player in Nigeria's petroleum market.
The company reported a $1.82 billion after-tax profit in the first half of 2026, compared with a $476 million loss for the whole of 2025.
What Investors Should Know
The IPO provides an opportunity for investors to take a stake in a major Nigerian energy business, but investors should remember that buying shares carries risks. The value of shares can rise or fall, and there is no guarantee that an investor will make a profit.
The official IPO website advises prospective investors to read the prospectus carefully and consult an issuing house, stockbroker or financial adviser where necessary before investing.
The IPO is also expected to include a greenshoe option, allowing additional shares to be offered if demand exceeds the base offer, subject to the applicable terms and regulatory approval.
With the offer opening on September 14, the Dangote Refinery IPO is set to become a major test of investor appetite and one of the biggest events in Nigeria's capital market in 2026.