Live trackerNGX · NigeriaEnergy · RefiningUpdated daily
Dangote Refinery IPOStatus, confirmed figures and what is still unknown — tracked against primary sources.
Dangote Petroleum Refinery has received approval from Nigeria's Securities and Exchange Commission to proceed with its initial public offering. The approved offer comprises 4.1 billion ordinary shares at ₦525 ($0.40) per share, with potential gross proceeds of approximately ₦2.15 trillion if fully subscribed. The order book is expected to open on September 14, 2026. Final subscription dates, allocation rules and other binding offer terms should be confirmed against the published final prospectus and offer documents.
Last verified 4 September 2026 · Latest SEC approval, company statement and 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
Yes. The application has been filed and the process has advanced beyond review. Nigeria's SEC has now approved the commencement of the IPO and registered the refinery's existing shares. Read more →
Yes. The SEC has approved the proposed offering of 4.1 billion ordinary shares at ₦525 per share and cleared the refinery's draft offer documents. The company is now authorized to proceed with the Completion Board Meeting and Signing Ceremony. Read more →
₦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 →
The order book is expected to open on September 14, 2026. Aliko Dangote has also said the IPO will open within days. The final timetable should be confirmed in the published offer documents. Read more →
The SEC has cleared the draft offer documents and approved the IPO process to proceed. The final public prospectus and complete offer timetable should be linked here once formally published. Read more →
Announced by the company, not yet authorised. The arrangement requires sign-off from Nigeria's SEC and the Federal Ministry of Finance. Treat as unconfirmed until the prospectus states it. Read more →
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
As of this writing, the refinery's IPO is targeting a primary listing on the Nigerian Exchange (NGX), with some reports mentioning the possibility of listing across several African exchanges as well, though this hasn't been confirmed with specific named exchanges or terms. There is no confirmed plan for the refinery itself to list on an exchange like the London Stock Exchange. Read more →
Yes — via Daba. When the subscription window opens under the SEC-Nigeria-approved prospectus, Daba will facilitate 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) will be 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 →
Pending
[S7] NGX / CSCS rules + Daba access channel checked 24 Aug 2026
Before you pay anyone
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
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
—
Expected order-book opening
14 Sep 2026
Announced
—
Implied valuation at IPO pricing
~$40bn–$46bn
Estimate
—
Target raise
Up to ~$1.6bn
Reported target
S5
Greenshoe option
Up to 15% additional offer size
Reported
—
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.
Next · 14 September 2026 · Expected
Order book expected to open
The IPO order book is expected to open on 14 September 2026. The base offer comprises 4.1 billion shares at ₦525 each, with a reported 15% greenshoe option if demand exceeds the initial offer size.
After that · Dates to be confirmed
Subscription close, allotment and NGX listing
Following the offer period, shares will be allocated to successful investors before the refinery begins trading on the Nigerian Exchange. The final closing date, allotment timetable and first trading date have not yet been publicly confirmed.
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
What you can actually do today
Be ready before the prospectus lands
You cannot subscribe yet — nobody can. What you can do is remove every step that would slow you down when the offer period opens.
01
Open and verify your account
Identity verification takes time. Doing it now means it is not the thing standing between you and a live offer window.
02
Fund in your own currency
Deposits settle before the window rather than during it.
03
Turn on the prospectus alert
We notify you the day the SEC-approved prospectus is published, with the terms summarised — price, minimum, deadline, eligibility.
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.
