10 Things to Know About the Dangote Refinery IPO

The Dangote Refinery IPO has moved from speculation to an approved public offer.

Following the September 7, 2026 signing ceremony, investors now have far more clarity around the price, size and structure of what could become the largest IPO in African history.

Here are 10 important things to know about the Dangote Petroleum Refinery IPO:

1. The Dangote IPO share price is ₦525. The company is offering shares at ₦525 each, approximately $0.40 per share based on the exchange rate used around the announcement.
2. The base offer includes 4.1 billion ordinary shares. If fully subscribed, the IPO could raise approximately ₦2.15 trillion, or around $1.6 billion.
3. You can start with 10 shares. The minimum subscription announced at the September 7 signing ceremony is 10 shares, meaning a minimum investment of ₦5,250, before any applicable transaction or conversion costs.
4. The offer is scheduled to open September 14. The subscription period will run from September 14 to October 13, 2026, with trading expected later following allotment and listing procedures.
5. It is one of Africa’s biggest-ever public offerings. The base offer alone could raise roughly $1.6 billion, making the transaction a landmark for African equity markets.
6. The refinery cost about $20 billion to build. Located outside Lagos in the Lekki area, the facility is among the largest refining projects ever built in Africa and has materially changed Nigeria’s refined-fuel market.
7. Dangote plans to expand dramatically. The company disclosed a $14.3 billion expansion plan designed to raise processing capacity to approximately 1.4 million barrels per day by 2029.
8. The refinery reported $1.82 billion in profit after tax for the first half of 2026. Reuters reported this represented a major turnaround from a loss recorded for full-year 2025.
9. The IPO has been certified Shariah compliant. Buraq Capital’s Shariah assessment found that the business and financial structure passed the required screens. Interest-bearing borrowings were 13.995%, interest-earning deposits and investments 2.1542%, and non-permissible income 0.3564%, all below their respective limits. The ordinary shares offered were deemed permissible under Shariah.
10. Investors outside Nigeria can access the opportunity through Daba. Eligible investors using Daba’s international Nigeria-market channel do not need a Nigerian bank account, BVN or personal CSCS account. Daba works with Coronation Securities under a strategic distribution arrangement that Coronation itself publicly lists on its website.

For ongoing verified information, visit the Daba Dangote IPO Hub. International investors can also verify the Daba relationship directly on the Coronation Securities website.

The Dangote Refinery IPO is notable not only for its size, but for what it represents: the opening of one of Africa’s most significant industrial assets to a much broader investor base.

How to Participate in the Dangote IPO Through Daba

Start by creating or updating your Daba account and completing KYC. You can then follow the IPO through the dedicated Daba Dangote Refinery IPO Hub, where Daba tracks the share price, offer status, dates and verified updates.

Once subscriptions are available through Daba for your jurisdiction, eligible users can follow the application process inside the platform.

If you would like to be positioned to participate when the window opens, we suggest the following five steps.

None of these steps commits you to invest.

1. Create your Daba account. Create a Daba account at dabafinance.com/register — takes a few minutes.

2. Pick individual or business. Choose whether to onboard as an individual or as a business / entity (trust, personal investment company, family investment vehicle). Both are supported. Business onboarding is somewhat more document-intensive but the access, execution and repatriation mechanics are identical.

3. Complete KYC (and KYB for businesses). Provide the documents requested by Daba’s onboarding flow. This is a one-time step that unlocks access to every product on the Daba platform, not just the Dangote IPO.

4. Check the rules in your own jurisdiction. Participation in a foreign securities offering may be subject to the rules of your own country of residence — including registration, tax and reporting obligations. You are responsible for understanding and complying with those rules. If in doubt, consult a qualified adviser in your jurisdiction. Daba does not provide tax, legal or investment advice.

5. Express your interest via the Daba interest form. Once your account is KYC-approved, complete the Dangote IPO interest form on the Daba platform. Expressing interest is not an application to subscribe; it lets Daba notify you the moment the official subscription window opens, with the prospectus-approved terms, minimum lot, funding instructions and application deadline. When notified, you will be able to fund your Daba account and submit a subscription application through the Daba platform, subject to Daba’s onboarding checks and to allocation by the issuer’s appointed bookrunners.

Daba does not guarantee allocation. Allocation is determined by the issuer and its appointed bookrunners under the terms of the SEC-Nigeria-approved prospectus. Nothing on this page constitutes an offer to sell, a solicitation to buy or a recommendation to invest in any security.

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DISCLAIMER

This article is published for informational and educational purposes only. It is not, and does not contain, an offer to sell or a solicitation of an offer to buy any securities, and it is not, and does not contain, investment advice, tax advice or a personal recommendation.

Any future participation in the Dangote Petroleum Refinery & Petrochemicals IPO referenced in this hub is subject to (i) the terms of the issuer’s official SEC-Nigeria-approved prospectus, once and if published; (ii) allocation processes conducted by the Nigerian Exchange, Nigeria’s Securities and Exchange Commission and the issuer’s appointed bookrunners — Daba does not determine or guarantee allocation; (iii) the eligibility of the investor under the laws applicable to that investor in the investor’s country of residence, which the investor is responsible for verifying; and (iv) Daba’s onboarding, KYC and CCI (Certificate of Capital Importation) requirements.

Daba will facilitate participation for its eligible account-holders internationally through a partnership with a SEC Nigeria- licensed capital-market operator and NGX dealing member. Investment in securities involves risk, including risk of loss of principal. Past performance is not indicative of future results.