Remita Approved as Digital Channel for Dangote Refinery IPO

Remita has been approved by the Nigerian Exchange (NGX) as one of the electronic application channels for the highly anticipated Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.

The approval gives eligible investors another digital option for subscribing to the landmark public offer when it opens on September 14, 2026. Remita is among a number of approved banks, fintech platforms, mobile operators and investment platforms authorised to facilitate subscriptions.

The Dangote Refinery IPO involves an offer of 4.1 billion ordinary shares at ₦525 per share. The minimum subscription is 10 shares, costing ₦5,250, while investors can apply for additional shares in multiples of 10, subject to the terms of the offer.

The public offer is scheduled to run from September 14 to October 13, 2026. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion, or about $1.6 billion, making it one of the largest public share offerings in Africa.

Remita Managing Director, DeRemi Atanda said the company's selection as an electronic application channel reflects confidence in its technology infrastructure and its capacity to support major financial transactions.

The inclusion of fintech platforms is expected to make participation more accessible to retail investors by allowing eligible applicants to complete their subscriptions digitally rather than relying solely on traditional physical application processes.

The Dangote Refinery has positioned the offering as an opportunity to broaden ownership of the $49 billion refinery and encourage participation from Nigerians and other eligible investors. The company has said the offer is designed to make ownership of the strategic energy asset more accessible to ordinary investors.

The official IPO website currently lists approved subscription channels across banks, fintech companies, mobile operators and NGX Invest. Investors have been warned to use only channels officially listed for the offer and to avoid unauthorised platforms.

The Dangote Refinery began operations in 2024 and has become a major player in Nigeria's petroleum products market. The company plans to use funds from the IPO to support expansion, including efforts to increase refining capacity.

With Remita and other digital platforms now available as approved channels, the offering is expected to attract significant participation from retail investors as the September 14 opening date approaches.