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Dangote refinery IPO

Dangote Petroleum Refinery and Petrochemicals FZE is offering up to 4.1 billion new shares to the public on the Nigerian Exchange (NGX). Every term on this page comes from the offer’s own documents, with the page it is on, so you can check it. This is information, not advice, and not an offer of shares.

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Where the offer stands

worked out from the dates below

openOpen

Applications close on Tuesday, 13 October 2026: at 11:59 pm Lagos time (WAT) on the electronic channels, and at 5:00 pm WAT for paper application forms, which are for 50,000 shares or more.

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The terms

each with its source
Issuer
Dangote Petroleum Refinery and Petrochemicals FZEProspectus, p. 34
Offer
An offer for subscription: new shares, at a fixed priceProspectus, pp. 34–35
Shares offered
Up to 4,100,000,000 ordinary sharesProspectus, p. 1
Price
₦525 per share, paid in full on applicationProspectus, p. 1
Minimum
10 shares (₦5,250), then multiples of 10Prospectus, p. 37
Gross proceeds
₦2,152,500,000,000 (about ₦2.15 trillion)Prospectus, p. 34
Oversubscription
If demand exceeds the offer, up to 30% more shares may be allotted, with SEC approvalProspectus, p. 37
Currency
Applications are made and paid in nairaProspectus, p. 182
Underwriting
None: the offer is not underwrittenProspectus, p. 38
Holding incentive
A retail investor who keeps at least 10 allotted shares for 12 months may receive 1 free share, and 1 more after a further 12 months: 2 at most, subject to approvalsProspectus, p. 37
Issuing houses
Vetiva Advisory Services Limited (lead) and 25 joint issuing housesProspectus, p. 34
Registrar
Coronation Registrars LimitedProspectus, p. 28
Regulator
The prospectus has been “cleared and registered” by Nigeria’s Securities and Exchange Commission (SEC), which announced its approval for the offer to open on 14 September 2026Prospectus, p. 1 · SEC circular
Value at the offer price
₦65,220,180,848,025: the prospectus’s indicative market capitalisation at listingProspectus, p. 35
Once listed
The shares will be quoted on the NGX in US dollars, and trades settled in nairaProspectus, p. 181

Key dates

indicative, from the prospectus timetable (p. 30)
  • 14 Sept 2026Application list opens
  • 13 Oct 2026Application list closes (11:59 pm WAT on the electronic channels)
  • 27 Oct 2026The registrar collates the returns
  • 5 Nov 2026Basis of allotment submitted to the SEC
  • 11 Nov 2026SEC “no-objection” to the basis of allotment
  • Allotment date + 1 business dayAllotment announced; net proceeds paid to the company
  • Allotment date + 5 business daysSurplus or rejected application money returned
  • Allotment date + 15 business daysShares credited to CSCS accounts; listing and start of trading

The prospectus calls these dates indicative: the issuing houses may adjust them, in consultation with the issuer, without notice. No allotment date and no listing date have been announced. Prospectus, p. 30

Who can apply

in the prospectus’s words

The report on the Nigerian Exchange’s website puts it in one line: “The offer is open to retail, institutional, and eligible African investors” (NGX ↗). The prospectus defines each group:

  • Retail investors: an individual who is a “Resident Nigerian or Non-Resident Nigerian”, meaning someone whose normal home is in Nigeria, or a Nigerian citizen living abroad (p. 28).
  • Qualified investors: institutional and high-net-worth investors as the SEC’s rules define them (p. 27).
  • Eligible African investors: residents of an African country other than Nigeria who are permitted to take part under their own country’s laws. They apply only through two channels, Ecobank Transactional Incorporated and SBG Securities (pp. 23, 192).

Outside Nigeria

The prospectus says that “investors outside Nigeria may participate in the offer to the extent that such participation is permitted under the laws and regulatory requirements applicable to them”. On the same page it says that, “except as otherwise set out in this prospectus”, the offering “is not being made to investors in the United States of America, United Kingdom, Canada, Australia, Japan, or any other jurisdiction where it is unlawful to do so” (p. 9).

On Canada, its selling restrictions add that the shares “may not be offered, sold, or delivered, directly or indirectly, in Canada … or to or for the account or benefit of any resident or citizen of Canada … except pursuant to an exemption from the applicable securities laws” (p. 175). The issuer’s offer website says its pages may not be accessed by people located in Canada, Australia, Japan, New Zealand, Switzerland, South Africa or the United States.

So it is not confirmed that someone living outside Nigeria can take part. That depends on the law where they live and on the channel they would apply through, and the prospectus tells prospective investors to ask their own professional advisers whether they are eligible to subscribe (p. 6). Djeli cannot tell you whether an exemption applies to you.

How applying works in Nigeria

from the prospectus, pp. 182–187
  1. 1

    Through an approved channel only. Retail and qualified investors apply through a receiving agent listed in the prospectus (banks, stockbrokers and issuing houses, pp. 188–189) or an electronic application channel: the exchange’s own NGX Invest portal and 52 bank, broker and app channels (pp. 190–192). The SEC asks investors to use only these, and to ignore anyone offering allotments outside them (SEC ↗).

  2. 2

    In naira, in full. Applications are paid in naira, in full, when they are made. A Bank Verification Number (BVN) is required (pp. 182–183).

  3. 3

    With a CSCS account. Applicants give their stockbroker’s name, a clearing house number (CHN) and a CSCS account number, the Nigerian central depository. Shares allotted without them are held at the CSCS under a registrar number until they are provided (pp. 186–187).

  4. 4

    Once, for good. One application per person, and an application cannot be withdrawn once submitted, except where the law requires it (pp. 182, 185).

  5. 5

    If demand exceeds the offer. Every valid application up to a threshold the issuer sets is allotted in full, and the rest follows a basis of allotment the SEC approves. Surplus money is returned within 5 business days of the allotment date (pp. 37, 186).

  6. 6

    After allotment. Shares are credited to CSCS accounts within 15 business days of the allotment date (p. 38).

Djeli links to no application channel. The full list, with each channel’s address, is on pages 188 to 192 of the prospectus.

Sources

Djeli is a data site, not a broker or an adviser. Nothing here is a recommendation to apply, and nobody named on this page pays us. Last reviewed 30 Sept 2026. Every other offer we track is on IPOs and new listings.