Dangote Refinery IPO Opens Today at ₦525 Per Share — Nigerians Can Buy From 10 Shares
The much-anticipated Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE has officially opened to investors today, Monday, September 14, 2026, giving Nigerians and other eligible investors an opportunity to acquire shares in one of Africa’s biggest industrial projects.
The public offer, which has been approved by Nigeria’s Securities and Exchange Commission (SEC), opened today and will close on October 13, 2026.
According to the refinery’s official IPO information, the offer price is ₦525 per share, while the minimum subscription is 10 shares, costing ₦5,250.
₦2.15 Trillion Offer
The IPO comprises approximately 4.1 billion ordinary shares at ₦525 each.
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If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion, making it one of the largest capital-market transactions in Nigeria and Africa.
Reuters reported that the offering is targeting about $1.63 billion and is primarily aimed at retail investors, potentially allowing millions of ordinary Nigerians to take an ownership stake in the refinery.
What Investors Are Actually Buying
The offer gives eligible investors the opportunity to apply for shares in Dangote Petroleum Refinery and Petrochemicals FZE.
This is different from buying shares in other companies associated with the Dangote Group, such as Dangote Cement or Dangote Sugar.
If an application is successful and shares are allotted, the investor becomes a shareholder in the refinery.
However, the official IPO website warns that investing in shares carries risk. Share prices can rise or fall after listing, and dividends are not guaranteed.
Refinery Plans Major Expansion
The IPO comes as Dangote Refinery pursues an ambitious expansion programme.
The refinery currently has an operational capacity of about 700,000 barrels per day, while the company plans to increase capacity to approximately 1.4 million barrels per day.
Reuters reported that Dangote has outlined a $14.3 billion expansion plan, which would roughly double the refinery’s capacity by 2029.
The company has also reported a dramatic turnaround in its financial performance. Reuters reported that the refinery recorded about $1.82 billion in profit in the first half of 2026, compared with a loss of about $476 million in 2025.
Nigerians Can Start With ₦5,250
The relatively low minimum subscription means an investor does not necessarily need millions of naira to participate.
At the official minimum of 10 shares:
10 shares × ₦525 = ₦5,250
Investors who want more shares can apply for a larger number, subject to the terms and conditions of the offer.
The official IPO website advises prospective investors to read the prospectus carefully and subscribe only through SEC-approved
Receiving Agents or approved electronic application channels.
Official IPO information: Dangote Refinery IPO official website
Important Warning to Investors
The Securities and Exchange Commission had earlier warned the public about unauthorised advertisements and advance solicitation relating to the proposed Dangote
Refinery share offer before the necessary approval had been granted.
Now that the official offer has opened, investors should still be careful about fraudulent websites, social-media accounts and individuals requesting money, PINs, passwords or OTPs.
The refinery’s official IPO website specifically states that investors should never provide their PIN, password or OTP to anyone claiming to be processing their subscription.
IPO Is Not the Same as Buying a Listed Share Today
Headlineswave.ng also notes an important distinction for first-time investors.
The opening of the IPO does not mean the Dangote Refinery shares are already trading freely on the Nigerian Exchange.
The current process is the public subscription stage. Applications will be processed and shares allotted after the offer closes and the necessary regulatory procedures are completed.
The official IPO timeline gives September 14, 2026 as the opening date and October 13, 2026 as the closing date, while the final allotment and listing dates are to be confirmed.
