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Live trackerNGX · NigeriaEnergy · RefiningUpdated daily

Dangote Refinery IPOStatus, confirmed figures and what is still unknown — tracked against primary sources.

Dangote Petroleum Refinery and Petrochemicals FZE opened its Initial Public Offering on the Nigerian Exchange (NGX) on 14 September 2026, following SEC approval and the publication of the final prospectus. The offer comprises 4.1 billion ordinary shares at ₦525 ($0.40) per share, targeting gross proceeds of approximately ₦2.15 trillion (~$1.6 billion), with an additional greenshoe option of up to 30% if demand exceeds the base offer. The offer was originally due to close on 13 October 2026 but has been extended to 27 October 2026, after Nigeria's SEC approved the extension to give investors in more African countries time to complete the local regulatory and brokerage steps needed to participate. Listing on the NGX is now expected in December 2026, following the later close. Within the first hour of trading, the offer reportedly drew roughly ₦1.5 trillion in subscription value.

Last verified 13 October 2026 · SEC-approved prospectus, extension notice, and same-day market reports checked·Reviewed by Daba Research

What is confirmed, and what is not

Most pages covering this offer blend announced intentions with regulatory fact. We separate them line by line. Every row carries its source and the date we last checked it.

Confirmed by a primary source Announced, pending approval Not confirmed
Has the IPO opened?
Yes. Dangote sounded the opening gong at the NGX trading floor in Lagos on 14 September 2026 — the first refinery listed for public subscription in NGX's 66-year history.
Confirmed
[S1] [S2] NGX ceremony / market reports
checked 15 Sep 2026
What is the share price?
₦525 ($0.40) per share. The approved offer comprises 4.1 billion ordinary shares and could raise approximately ₦2.15 trillion if fully subscribed. Read more →
Confirmed
[S10] SEC approval / Published prospectus
checked 14 Sep 2026
When does subscription open/close?
Opened 14 September 2026; closes 27 October 2026, per the published prospectus. Read more →
Confirmed
[S2] [S4] Published prospectus
checked 15 Sep 2026
Is the final prospectus publicly available?
Yes — the SEC-cleared prospectus has been published and is available through the issuing houses and licensed subscription channels (Vetiva, FCMB Capital, and joint issuing houses including Chapel Hill Denham, Absa Capital Markets, Afrinvest Capital, Stanbic IBTC Capital, and others). Read more →
Confirmed
[S1] SEC Nigeria / issuing houses
checked 15 Sep 2026
What is the greenshoe option?
Up to 30% additional shares if oversubscribed (subject to regulatory approval) — this corrects the previously reported 15% figure. Could take the raise above $2.1bn if exercised in full.
Confirmed
[S1] Published prospectus
checked 15 Sep 2026
When will shares list on the NGX?
Trading is expected to begin on the NGX in November 2026, following SEC clearance of the Basis of Allotment. Exact date not yet fixed.
Pending
[S1] [S2] Published prospectus / NGX
checked 15 Sep 2026
Will dividends be paid in US dollars?
At the opening ceremony, Aliko Dangote told investors "you will be getting your dividend in dollars," citing the refinery's dollar-denominated export earnings. The structure is publicly intended and reiterated but still requires formal sign-off from Nigeria's SEC and the Federal Ministry of Finance — treat as proposed, not guaranteed, until the mechanics are finalized. Read more →
Pending
[S5] Opening ceremony statement / Company
checked 15 Sep 2026
Did a private placement already happen?
Yes. A $2.5bn placement closed in July 2026, oversubscribed 3.7×, at $0.35 per share with a 365-day lock-up. Africa Finance Corporation participated. It values the refinery near $40bn. Read more →
Confirmed
[S3] Company / African Markets
checked 18 Aug 2026
Will it list outside Nigeria?
The primary listing is on the NGX. Company management has stated there are no plans for a foreign listing for at least three years, citing the need for a longer audited public track record. Secondary-listing talks with other African exchanges (JSE, Nairobi, Accra, BRVM) have been reported but remain discussions, not confirmed transactions. Checked 15 Sep 2026. Read more →
Not confirmed
[S4] [S6] Company statement / African exchanges reporting
checked 15 Sep 2026
Can diaspora investors subscribe?
Yes — via Daba. With the offer now open under the SEC-Nigeria-approved prospectus, Daba facilitates participation for its eligible account-holders internationally — including diaspora investors — through a compliant channel operated in partnership with a licensed Nigerian securities broker. No Nigerian bank account, BVN or personal CSCS account is required to participate through Daba. Eligibility terms, including the minimum subscription, tranches and allocation, are set by the prospectus. Participation is also subject to the rules of your country of residence, which you are responsible for checking. To subscribe: create a Daba account → complete KYC (individual or business) → fund your account → place your subscription before 13 October 2026. Read more →
Confirmed
[S7] NGX / CSCS rules + Daba access channel
checked 15 Sep 2026
Before you pay anyone

The Dangote Refinery offer is open from 14 September to 13 October 2026, under a prospectus approved by Nigeria’s SEC. You can subscribe only through the issuing houses, receiving agents and licensed stockbrokers named in that prospectus, or through platforms that route orders to them under a licensed partnership. Daba’s channel works this way.

Before you pay anyone:

  • Check that the firm is named in the prospectus or listed on the SEC Nigeria register of capital market operators.
  • Pay only through a licensed platform's own funding process or into the offer account named in the prospectus. Never pay into a personal bank or mobile-money account.
  • The offer price is ₦525 per share for every subscriber. Anyone selling "discounted", "pre-IPO" or "guaranteed allocation" shares is not part of this offer.
  • No one can guarantee how many shares you will receive. If the offer is oversubscribed, shares are allotted according to the SEC-cleared basis of allotment.
  • The shares cannot be traded until they list on the NGX, expected in November 2026. Anyone offering to buy or sell your allocation before then is operating outside the official process.

In June 2026, before the offer was approved, the SEC ordered market operators to stop soliciting advance subscriptions. If anyone approaches you outside the channels above, report it to the SEC.

Key figures

Every number below is either confirmed by a primary source or explicitly marked as an estimate. We do not publish projected returns.

MetricValueStatusSource
Refining capacity650,000 bpdConfirmedS8
LocationLekki Free Zone, LagosConfirmedS8
Expansion target1.4m bpd by 2029Company targetS8
Private placement, July 2026$2.5bn @ $0.35/shConfirmedS3
Placement oversubscription3.7×ConfirmedS3
Implied valuation at placement~$40bnConfirmedS3
Shares offered4.1bn ordinary sharesSEC approved—
Retail offer price₦525 ($0.40)SEC approved—
Existing shares registered by SEC120.13bn sharesConfirmed—
Order book opened14 Sep 2026Confirmed—
Implied valuation at IPO pricing₦65.2tn ($47.8bn–$49bn)Confirmed—
Target raiseUp to ~$1.6bnReported targetS5
Greenshoe optionUp to 30% additional sharesConfirmed—
H1 2026 revenue₦19.1tn ($14.4bn)Confirmed—
H1 2026 gross profit₦3.4tn ($2.6bn)Confirmed—
H1 2026 net income$1.8bn (vs. $476m FY2025 loss)Confirmed—
Debt on balance sheet$3.65bnCompany estimateS9
Previous largest NGX IPOMTN Nigeria, 2019, $876mConfirmedS7

Timeline

What has actually happened, and what has only been signalled.

  1. February 2026 · Happened

    Listing intention made public

    Aliko Dangote confirms publicly that Nigerians will be able to buy shares in the refinery.

  2. April 2026 · Happened

    Pan-African listing talks convened

    NGX Group brings together the JSE, Nairobi, Ghana, Ethiopian exchanges and BRVM under ASEA to discuss cross-market access.

  3. June 2026 · Happened

    SEC halts unauthorised promotion

    Nigeria's SEC orders operators to stop soliciting advance subscriptions. No application had been approved at that point.

  4. July 2026 · Happened

    $2.5bn private placement closes

    Priced at $0.35 per share across two tranches, oversubscribed 3.7×, 365-day lock-up. Separate from the public offer.

  5. August 2026 · Happened

    $1bn underwriting programme completed

    $600m private placement funded by Pan-African Refinery Investment SPV; separate $400m underwriting commitment backs the planned IPO.

  6. August 2026 · Happened

    IPO application filed with the SEC

    Formal submission enters regulatory review. The JSE confirms secondary-listing discussions on 6 August.

  7. September 2026 · Happened

    SEC approves ₦2.15tn IPO at ₦525 per share

    Nigeria's SEC approves the offer of 4.1 billion ordinary shares at ₦525 ($0.40) each, giving the base offer potential proceeds of approximately ₦2.15 trillion.

  8. September 2026 · Happened

    Offer documents signed at Lagos ceremony

    Aliko Dangote and financial advisers formally signed off on the IPO offer documents at a ceremony at Eko Hotels, Lagos, on 7 September 2026, days after the SEC approved the offering.

  9. 14 September 2026 · Happened

    IPO opened

    Aliko Dangote sounded the opening gong at the NGX; prospectus published; subscription window live. ~₦1.5tn subscribed within the first hour.

  10. Next · 27 October 2026 · Expected

    Subscription closes

    Offer window runs one month.

  11. After that · November 2026 · Expected

    Listing and first trading day on the NGX

    Following SEC clearance of the Basis of Allotment. Indicative follow-on timetable per market reporting: allotment announcement ~1 business day after close; refunds of surplus/rejected applications ~5 business days after that; CSCS crediting and trading start ~15 business days after close (roughly early December). Treat as indicative, not guaranteed.

Which Dangote company is this?

Four separate Dangote entities are frequently confused. This page covers only the refinery.

This page

Dangote Petroleum Refinery & Petrochemicals

Lekki refinery, 650,000 bpd. Public offer open 14 Sep – 13 Oct 2026; NGX listing expected November 2026.

Ticker: not yet assigned
Different company

Dangote Cement Plc

Already listed on the NGX. A separate London listing has been reported as a distinct transaction.

NGX: DANGCEM
Different company

Dangote Sugar Refinery Plc

Listed on the NGX. Sugar refining. Unrelated to the petroleum refinery offer.

NGX: DANGSUGAR
Parent

Dangote Industries Limited

Privately held parent conglomerate. Not itself listed.

Not listed
THE OFFER IS OPEN

Subscribe before 27 October 2026

The Dangote Refinery IPO is live. The prospectus is published, the offer opened 14 September, and it closes 27 October 2026. Here's what to have ready.

01

Open and verify your account

If you haven't already, identity verification takes time — don't let it be the thing standing between you and your allocation before the window closes.

02

Fund in your own currency

Deposits need to settle before your order is placed, not after.

03

Apply before the deadline

The offer closes 27 October 2026. Open a Daba account to access the subscription channel — eligibility, minimum lot size and exact mechanics are set by the published prospectus.

Participation is subject to eligibility under the published prospectus and the laws of your country of residence. Opening an account creates no allocation or entitlement to shares.

Open a Daba account

Questions people are asking

How can I buy Dangote Refinery IPO shares?

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When is the Dangote Refinery IPO date?

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What is the Dangote Refinery IPO share price?

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How much is Dangote Refinery raising in the IPO?

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Will Dangote Refinery really pay dividends in US dollars?

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Can I invest from outside Nigeria?

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What are the risks?

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Every question, its own answer

Each article below targets one question people actually search, in full depth. The hub stays the summary; the spokes carry the detail. All of them link back here.

Getting started25 articles
What is the Dangote IPO?The offer, the refinery and the company — explained from zero.Dangote Refinery IPO Explained in 5 MinutesQuick read: what it is, where it lists, and what the timeline looks like.Dangote IPO: A Beginner's Guide to the Refinery ListingEverything a first-time IPO investor needs to know before the window opens.Dangote Refinery IPO: The Complete 2026 Guide for InvestorsThe definitive guide to the offer, the company, and how to participate.Who is Aliko Dangote? The Man Behind Africa's Biggest IPOAfrica's richest man, his conglomerate, and why the refinery is his centrepiece.Who Is Aliko Dangote? Africa's Richest Man, ExplainedThe founder's background, his wealth, and his role in this IPO.What Is an IPO, Anyway? (Dangote as the Example)Using the Dangote IPO to explain how public offerings work.IPO 101: How Do Public Offerings Actually Work?The mechanics of an IPO — from filing to subscription to listing day.NGX Explained: Where the Dangote IPO Would ListThe Nigerian Exchange Group — how it works and why it matters.What is the Nigerian Exchange (NGX) and How Does it Work?A primer on Nigeria's main stock exchange.Dangote Refinery IPO: Separating Fact From HypeWhat is confirmed, what is rumour, and how to tell the difference.Dangote IPO Rumors vs Facts: What's Confirmed, What's NotThe verified record vs speculation in one place.Dangote IPO Timeline: Everything That's Happened So FarEvery key milestone from the refinery announcement to the current filing stage.Is the Dangote IPO Happening in 2026?What the regulatory calendar says and what needs to happen next.Dangote IPO: What Happens Between "Pre-Filing" and "Subscription Open"?The SEC review process and what it means for timing.Dangote Refinery IPO Process: What Next After SEC Filing?Step by step from application to prospectus publication.What to Expect from the Dangote Refinery IPO SEC FilingWhat the filing document covers and what it tells investors.Has Dangote Filed With SEC Nigeria Yet?The current status of the regulatory application.Has the Dangote IPO Application Been Filed?Status confirmed: the application has been submitted.Is There an Approved Dangote IPO Prospectus Yet?Why the prospectus matters and where things stand.
The company & the numbers19 articles
Inside the Dangote Refinery: The World's Largest Single-Train Plant650,000 bpd capacity and what it changes about Nigeria's fuel economics.Inside the Dangote Refinery: The World's Largest Single-Train PlantA deeper look at the refinery's operations, capacity and engineering scale.From Cement to Crude: The Dangote Group EmpireThe conglomerate behind the refinery — cement, sugar, fertiliser and now oil.Dangote Group 101: Cement, Sugar, Fertilizer and Now OilA primer on the Dangote business empire.10 Facts About the Dangote Refinery You Probably Didn't KnowThe numbers behind Africa's largest refinery.Timeline: How the Dangote Refinery Was BuiltFrom groundbreaking to 650,000 bpd capacity.How Much is the Dangote Refinery Worth?Unpacking the ~$40bn implied valuation from the July 2026 private placement.What is Dangote Refinery Revenue in 2026?Revenue drivers, refining margins, and what the numbers tell investors.How Do You Value an Oil Refinery? A Beginner's BreakdownEV/EBITDA, replacement cost and the metrics analysts use.How to Calculate Dangote Oil Refinery's ValuationA step-by-step guide to the valuation approaches being used.How the Dangote Refinery Could Change Nigeria's Fuel Import ProblemFrom import dependence to self-sufficiency.What Investment Banks Are Advising on the Dangote IPO?The financial advisers behind Africa's biggest pending IPO.Will Dangote IPO Dividends Be Paid in US Dollars?The announced USD dividend structure and what it still needs.Will Dangote Refinery Really Pay Dividends in US Dollars?The plan, the regulatory approvals required, and when it could be confirmed.Will the Dangote Refinery IPO Pay Dividends?What the offer documents say about shareholder returns.What Is the Dangote IPO Share Price, Exactly?The private placement price vs the retail offer price — they are not the same.What Is the Dangote Refinery IPO Share Price?Current status: no retail price set yet.Did a Dangote Private Placement Already Happen?Yes — $2.5bn, 3.7× oversubscribed, in July 2026.How Much Is Dangote Refinery Raising in the IPO?₦2.15 trillion (~$1.6 billion) — the confirmed base offer size and what it means.
How to invest39 articles
How Can I Buy Dangote Refinery IPO Shares?What you can do now vs. what is only possible after the prospectus.How to Invest in the Dangote IPO: A Step-by-Step GuideFrom account creation to subscription — the full process.How IPO Subscriptions Actually Work on the NGXThe NGX subscription mechanics and what happens after you apply.Minimum Lot Sizes in IPOs: How Much Do You Actually Need to Invest?Lot sizes, minimums, and what to budget.How Much Do You Need to Invest in the Dangote IPO?Practical budgeting guidance for retail investors.IPO Investing 101: Lot Sizes, Oversubscription, and Allotment ExplainedThe mechanics of an oversubscribed IPO — who gets shares and how many.Retail Tranche vs Institutional Tranche in IPO: What's the Difference?How NGX IPO allocations are structured by investor type.What Does 'Book Building' Mean in an IPO?The price discovery process and how it affects the offer price.What is an IPO Prospectus (and Why It Matters for Dangote)?The legal document that makes the offer real.Can Diaspora Investors Subscribe to the Dangote IPO?How international and diaspora investors can access the offer.Can I Invest in the Dangote IPO From Outside Nigeria?Access channels for non-resident investors.The Nigerian Diaspora and the Dangote IPO: What You Need to KnowKey questions for diaspora investors answered.How to Invest in the Dangote IPO From NigeriaStep-by-step guide for Nigeria-based investors.How to Invest in the Dangote IPO From KenyaCountry-specific guide for Kenyan investors.How to Invest in the Dangote IPO From GhanaCountry-specific guide for Ghanaian investors.How to Invest in the Dangote IPO From South AfricaCountry-specific guide for South African investors.How to Invest in the Dangote IPO From the USCountry-specific guide for US-based investors.How to Invest in the Dangote IPO From the UKCountry-specific guide for UK-based investors.How to Invest in the Dangote IPO From CanadaCountry-specific guide for Canadian investors.How to Invest in the Dangote IPO From the UAECountry-specific guide for UAE-based investors.
Context & comparison9 articles
Dangote Refinery vs Saudi Aramco: How the IPOs CompareSize, structure, and what the world's biggest IPO tells us.Dangote Refinery vs Saudi Aramco: How the Two IPOs CompareA detailed side-by-side of both offerings.Dangote IPO vs Safaricom: Lessons From East Africa's Biggest IPOWhat the Safaricom listing teaches about African market dynamics.Dangote vs MTN Nigeria vs Airtel Africa: Comparing Africa's Biggest ListingsHow the three biggest African IPOs stack up.Africa's 5 Biggest IPOs Ever, RankedHistorical context for a record-breaking offer.Dangote IPO vs Dangote Cement Shares: What's the Difference?Two different companies, two different investments.From Crude Import Dependency to Export Power: What Dangote Refinery Means for NigeriaThe macro impact of the refinery on Nigeria's economy.What Nigeria's Downstream Oil Sector Looks Like After Dangote RefineryHow the refinery reshapes Nigeria's fuel supply chain.Is the Dangote IPO a Buy? How to Think About It Like an AnalystThe analytical framework for evaluating the offer.
Risks9 articles
What Are the Risks of Investing in the Dangote IPO?The full risk picture: debt, margins, concentration, naira exposure.Risks to Understand Before Investing in the Dangote IPOKey risk factors every investor should read before the window opens.Oil Price Risk: What You Should Know Before Investing in Dangote IPOHow crude price cycles affect refinery margins and shareholder returns.The Risks Nobody's Talking About in the Dangote IPOLess-discussed risks that could affect the offer and its aftermarket.Single-Asset Risk: Why Concentration Matters in Big IPOsThe danger of allocating a large portfolio slice to one asset.What Could Delay or Derail the Dangote IPO?Regulatory, operational, and market conditions that could push the offer back.Dividend Expectations vs Reality: What New IPO Investors Get WrongHow IPO dividend announcements differ from confirmed policies.Oil Prices and the Dangote IPO: Why They're LinkedThe refinery's revenue and margins move with crude prices.FX Risk: What Happens to Your Returns When the Naira Moves?Naira volatility and its impact on non-resident investor returns.
Signal & Scale6 articles
Why the Dangote Refinery IPO Could Be Africa's Biggest Listing EverThe size, significance, and precedent this offer would set.Would the Dangote Refinery IPO Be Africa's Biggest Ever?How it compares with every previous African listing record.What Happens If an IPO Is Oversubscribed?Allotment mechanics, pro-rata allocation, and what 3.7× oversubscription means.What a $50 Billion Valuation Would Mean for the NGXA $50bn listing would make the NGX one of Africa's top-three exchanges.Dangote IPO Valuation: How Analysts Are Estimating $39B–$50BAnalyst methodology and the range of valuations in circulation.What Dangote's IPO Says About Africa's Capital Markets Coming of AgeContinental significance and what this means for African capital formation.

Sources and method

We check each source on the date shown. Where sources disagree, we publish both and say so rather than picking one.

[S1]
Securities and Exchange Commission of Nigeria — filing status and public statements by the Director-General
18 Aug 2026
[S2]
BusinessDay Nigeria — reporting on the SEC application and September target
18 Aug 2026
[S3]
African Markets / company disclosure — July 2026 private placement terms
18 Aug 2026
[S4]
Johannesburg Stock Exchange — statement on secondary listing discussions, 6 August 2026
18 Aug 2026
[S5]
Dangote Group — public statements on offer size and dividend structure
18 Aug 2026
[S6]
African Securities Exchanges Association — pan-African listing working discussions
18 Aug 2026
[S7]
Nigerian Exchange Group / CSCS — listing and account requirements
18 Aug 2026
[S8]
Dangote Petroleum Refinery — plant specification
18 Aug 2026
[S9]
Financial press reporting on balance-sheet debt — figure reported, not company-confirmed
18 Aug 2026

Important disclosures

This page is information, not an offer. Nothing here constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security. No offer of Dangote Petroleum Refinery shares is open. Any offer, if made, will be made solely through a prospectus approved and published by the Securities and Exchange Commission of Nigeria.

No affiliation. Daba is not affiliated with, appointed by, endorsed by or acting for Dangote Industries Limited, Dangote Petroleum Refinery & Petrochemicals, the Nigerian Exchange Group, or the Securities and Exchange Commission of Nigeria. Company names and marks are used for identification only.

Entities. Daba Technologies LLC operates the platform. Daba Advisors LLC is registered with the U.S. Securities and Exchange Commission as an investment adviser. All Nigerian market services — including execution on the Nigerian Exchange (NGX), custody arrangements and related local services — are provided through locally licensed Nigerian entities under formal partnership arrangements, each regulated by the Securities and Exchange Commission of Nigeria and/or the Central Bank of Nigeria, as applicable. Services, and the availability of any product, differ by jurisdiction and by the entity with which you contract.

Risk. Investing carries risk, including loss of capital. Past performance does not predict future results. Currency movements can increase or reduce returns. Nothing on this page takes account of your objectives, financial situation or needs.

Accuracy. We publish source and check dates for every material claim. Information marked as unconfirmed has not been verified against a primary source and should not be relied on. Report an error: intelligence@joindaba.com