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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 (~$1.63 billion), with an additional greenshoe option of up to 30% if demand exceeds the base offer. The offer closes on 13 October 2026, with listing on the NGX expected in November 2026. Within the first hour of trading, the offer reportedly drew roughly ₦1.5 trillion in subscription value.
Last verified 15 September 2026 · SEC-approved prospectus, NGX ceremony coverage, 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.
₦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 →
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 →
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
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
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
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 →
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. Final eligibility terms (minimum lot, tranches, allocation) is set by the prospectus. Participation is also subject to the rules of your own country of residence, which you are responsible for verifying. To prepare: create a Daba account → complete KYC (individual or business) → express interest via the Dangote IPO interest form to be notified when the window opens. Read more →
In June 2026, Nigeria's SEC ordered market operators to stop soliciting advance subscriptions for this offer. No approved prospectus existed then, and none exists today.
Daba does not collect subscription money, share reservations or allocation requests for these shares, and will not do so unless and until an SEC-approved prospectus is published and the official subscription window opens. Anyone asking you to pay for or commit funds to “Dangote shares” today is operating outside the regulatory process. If you are approached, report it to Nigeria’s SEC.
What you can do today is prepare: creating a Daba account, completing KYC and registering your interest are free, non-binding steps that involve no payment toward and no entitlement to any shares. Registering interest is not a subscription, a reservation or an application — it simply means we notify you when the official process opens.
Key figures
Every number below is either confirmed by a primary source or explicitly marked as an estimate. We do not publish projected returns.
Metric
Value
Status
Source
Refining capacity
650,000 bpd
Confirmed
S8
Location
Lekki Free Zone, Lagos
Confirmed
S8
Expansion target
1.4m bpd by 2029
Company target
S8
Private placement, July 2026
$2.5bn @ $0.35/sh
Confirmed
S3
Placement oversubscription
3.7×
Confirmed
S3
Implied valuation at placement
~$40bn
Confirmed
S3
Shares offered
4.1bn ordinary shares
SEC approved
—
Retail offer price
₦525 ($0.40)
SEC approved
—
Existing shares registered by SEC
120.13bn shares
Confirmed
—
Order book opened
14 Sep 2026
Confirmed
—
Implied valuation at IPO pricing
₦65.2tn ($47.8bn–$49bn)
Confirmed
—
Target raise
Up to ~$1.6bn
Reported target
S5
Greenshoe option
Up to 30% additional shares
Confirmed
—
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
$3.65bn
Company estimate
S9
Previous largest NGX IPO
MTN Nigeria, 2019, $876m
Confirmed
S7
Timeline
What has actually happened, and what has only been signalled.
February 2026 · Happened
Listing intention made public
Aliko Dangote confirms publicly that Nigerians will be able to buy shares in the refinery.
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.
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.
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.
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.
August 2026 · Happened
IPO application filed with the SEC
Formal submission enters regulatory review. The JSE confirms secondary-listing discussions on 6 August.
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.
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.
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.
Next · 13 October 2026 · Expected
Subscription closes
Offer window runs one month.
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. Not yet listed. IPO application under SEC review.
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 13 October 2026
The Dangote Refinery IPO is live. The prospectus is published, the offer opened 14 September, and it closes 13 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 13 October 2026. Open a Daba account to access the subscription channel — eligibility, minimum lot size and exact mechanics are set by the published prospectus.
Will Dangote Refinery really pay dividends in US dollars?
Can I invest from outside Nigeria?
What are the risks?
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.
