Step-by-Step Guide to Buying Dangote Refinery Shares

Dangote Petroleum Refinery and Petrochemicals will open its initial public offering on Monday, Sept. 14, giving Nigerians the chance to buy shares in the refinery. The offer includes 4.1 billion ordinary shares priced at N525 each, and the company is targeting about N2.15 trillion to partly fund an expansion that would nearly double capacity to 1.4 million barrels per day.

Applications start at 10 shares, which cost N5,250. Dangote Group Chief Executive Aliko Dangote signed the offer documents at a ceremony at Eko Hotels and Suites in Lagos on Sept. 7, alongside the advisers and issuing houses managing the sale. The offer is expected to close on Oct. 13, 2026.

Dangote said the low entry threshold was designed to allow ordinary workers, including drivers, cooks and domestic staff, to become shareholders. He called it “the IPO for the people.” Lagos-based Vetiva Advisory Services is coordinating the capital raise, which follows approval from the Securities and Exchange Commission.

Anyone seeking to subscribe must first open an account with a stockbroker licensed by the SEC and the Nigerian Exchange. Brokers generally allow online registration using a Bank Verification Number, valid identification and a passport photograph for standard know-your-customer checks. Investors are advised to verify a broker’s registration on the SEC or NGX website before committing funds.

Shares on the Nigerian Exchange are held electronically through the Central Securities Clearing System rather than issued as paper certificates. A broker will typically create a CSCS account or link an existing one when opening the trading account. Investors must complete the broker’s identity-verification requirements, which vary between firms, then deposit the money they plan to invest. The article says the exact increment for applications above the 10-share minimum had not yet been detailed in public reporting, so applicants should confirm it with their broker.

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The IPO for the people.