Dangote Refinery opens ₦2.15trn IPO at ₦525 per share, minimum entry ₦5,250

Dangote Petroleum Refinery has opened an initial public offering of 4.1 billion ordinary shares at ₦525 each. If the entire offer is taken up, the company will raise approximately ₦2.15 trillion.

Subscription opened on September 14, 2026 and is scheduled to close on October 13, 2026. That gives investors a one month window, subject to the terms of the offer.

Minimum entry and who can apply

The minimum subscription is 10 shares. At ₦525 per share, that works out to ₦5,250. Investors who want larger holdings can apply for additional shares under the offer terms.

Aliko Dangote has described the transaction as an "IPO for the people", pointing to the low minimum subscription as a way of broadening participation. The offer allows eligible retail investors to become shareholders rather than simply consumers of the refinery's products.

What it means for the NGX

FCMB Group chief executive Ladi Balogun said the transaction could strengthen the Nigerian Exchange and support its ambition to become a more important African capital market. A successful deal could also provide another route for large companies seeking to raise capital through Nigeria's public market.

Three FCMB Group businesses are participating. FCMB Capital Markets is a joint issuing house, CSL Stockbrokers is the stockbroker to the issue, while First City Monument Bank serves as a receiving bank and distribution agent.

Earlier reporting said the offer attracted over ₦10 billion from thousands of investors within minutes, while PiggyVest opened the ₦525 IPO to its 6.6 million users.

How to apply

Step 1: Confirm that you have the identification and investor information required by your chosen authorised channel.

Step 2: Decide how many shares you want to apply for. The minimum is 10 shares, costing ₦5,250.

Step 3: Complete the required subscription process through an approved participating bank, stockbroker or authorised digital investment channel.

Step 4: Fund the application with the full amount required for the number of shares requested.

Step 5: Submit the application within the offer period and keep evidence of the transaction.

Qualified investors and High Net Worth Individuals applying for 50,000 shares or more, and who operate a functional stockbroking account, are expected to complete the applicable investor subscription form and fund their chosen account.

The offer puts a stake in Africa's largest oil refinery within reach of retail investors for as little as ₦5,250, a level that could pull more first time participants into Nigeria's capital market.