Juliet Oladele, Reporting
THE Dangote Petroleum Refinery and Petrochemicals FZE has opened its initial public offering (IPO), giving Nigerians an opportunity to acquire shares in the country’s largest refinery.
The ₦2.15 trillion public offer involves 4.1 billion ordinary shares priced at ₦525 each.
The offer opened on Monday, 14 September 2026, and is scheduled to close on 13 October 2026.
According to the Managing Director, Investment Banking, Chapel Hill Denham, Lanre Buluro, interested investors can subscribe for a minimum of 10 shares, costing ₦5,250.
Buluro said the process is entirely digital and can be completed within two to three minutes by eligible subscribers with a Bank Verification Number (BVN), a bank account and either a mobile phone or laptop.
How to subscribe
Investors can access the offer through platforms including Moniepoint, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Chapel Hill Denham’s Invest Naija platform.
Buluro explained that investors do not necessarily need an existing Central Securities Clearing System (CSCS) identity before subscribing.
He said a CSCS account would be created for new investors in less than two minutes after their BVN, bank account details and other information had been verified through the participating platforms.
According to him, a stockbroker is behind each of the platforms facilitating the transaction.
Following the transaction and before the allotment of shares, the stockbroker will contact the subscriber to provide their CSCS and Clearing House Number (CHN), after which the allotted shares will be domiciled in the investor’s CSCS account.
Investors urged to understand the offer
Buluro advised both new and existing investors to seek the guidance of financial advisers and carefully study the offer prospectus before committing funds.
He also explained that the final allotment would take place after the offer closes, with the advisers and the Securities and Exchange Commission (SEC) reviewing the total subscriptions to determine the allocation to investors.
The investment banker said the offer also contains a provision to accommodate oversubscription.
“There is a provision in the event of an oversubscription to take about 30 per cent more to accommodate as many Nigerians as the Dangote Refinery can,” he said.
According to Buluro, while 4.1 billion shares are initially being offered, the additional 30 per cent provision could increase the number of shares issued to about 5.3 billion if the offer is oversubscribed.
The IPO is being positioned as an opportunity for ordinary Nigerians to acquire an ownership stake in the Dangote Refinery, with Group President Aliko Dangote previously saying the objective is to enable workers and other Nigerians to become shareholders in the business.
Investors have until 13 October 2026 to participate in the public offer.
