Dangote Refinery IPO approved: How to buy shares from September 14

Nigeria's Securities and Exchange Commission has approved Dangote Refinery's initial public offering of 4.1 billion ordinary shares at N525 each. The order book is expected to open on September 14, 2026, and investors can start preparing now.

Key details of the offer

The IPO could raise about N2.15 trillion if fully subscribed. The SEC also registered the refinery's existing 120.13 billion ordinary shares. The minimum subscription is set at N5,250, which is ten shares at the offer price.

Investors must confirm the opening date and final conditions from the SEC-approved offer documents. Reuters reported the September 14 date, but the prospectus remains the authoritative source for the subscription period and terms.

Dangote Refinery has also opened petrol sales to all licensed marketers, ending its previous consortium arrangement. That move is expected to reshape competition in Nigeria's downstream petroleum sector.

How to prepare before the offer opens

You cannot send money directly to Dangote Refinery to buy shares. You must go through a stockbroker or authorised receiving agent licensed by the SEC.

Start by opening an account with a regulated broker. You will need to complete a Know Your Customer process. This typically requires a government-issued ID, Bank Verification Number, National Identification Number, a passport photograph, and proof of address. Do this before the offer opens.

Shares in Nigeria are held electronically through the Central Securities Clearing System, known as CSCS. Confirm your CSCS account is active and correctly linked to your brokerage account. Your broker usually handles this during account opening.

Applying when the window opens

Once your account is ready, decide how much to commit. At N525 per share, N50,000 would cover roughly 95 shares and N100,000 about 190 shares, before transaction charges. The final prospectus will confirm the minimum size and other terms.

When the offer officially opens, log into your brokerage platform, select the Dangote Refinery offer, enter the number of shares you want, confirm the amount, and submit. The SEC has warned investors against unofficial requests to reserve shares. Only payments made through approved channels count.

Submitting an application does not guarantee full allocation. If demand exceeds supply, allocations may be scaled back. Successful investors will see shares credited to their CSCS accounts after allotment, and any excess funds will be handled according to the offer terms.

Trading in the shares will only begin after listing on the Nigerian Exchange. The post-listing market price may be higher or lower than the N525 offer price.

Historically, this IPO opens up one of Africa's biggest industrial projects to ordinary Nigerian investors. For the naira and capital market, a successful subscription could deepen local participation and signal confidence in the refinery's long-term contribution to fuel supply and foreign exchange savings.