Dangote Refinery IPO: Official Offer Terms And Subscription Dates Announced

Dangote Petroleum Refinery has announced the official terms of its initial public offering today, giving investors their first confirmed look at what could become the largest share sale in African history.

The announcement came at a signing ceremony in Lagos, ahead of the full prospectus, which is expected later today. The refinery processes 650,000 barrels of crude oil a day and ranks as the world’s largest single-train facility, so an offer of this size has been anticipated for months, with estimates on price and structure shifting as the regulatory review moved forward. Here is what the offer actually says, and when you can apply.

What’s Actually On Offer

Dangote Petroleum Refinery & Petrochemicals FZE, the entity behind the offer, is selling 4,100,000,000 ordinary shares, each with a nominal value of $0.000013.

The shares are priced at ₦525.00 ($0.40) apiece, and if the offer is fully subscribed, it will raise ₦2,152,500,000,000, or about ₦2.15 trillion ($1.6 billion). That makes it a fixed price offer rather than a book-built one, meaning the price will not move based on demand during the subscription window.

The minimum subscription is 10 shares, with further applications accepted in multiples of 10 after that. Payment is due in full at the point of application, so investors will need to fund their accounts for the whole amount upfront rather than in installments. Proceeds from the offer are earmarked to fund growth capital expenditure at the refinery, rather than a specific named project.

The Fine Print Worth Knowing

A few details in the offer are worth flagging beyond the headline numbers. Eligible retail investors who hold the minimum required shareholding for the applicable period may receive up to two additional shares at no extra cost, subject to regulatory approval, an incentive built to reward investors who stay in the stock after listing rather than sell immediately. If the offer is oversubscribed, the issuer has room to absorb up to 30% more than the target size, subject to approval from Nigeria’s Securities and Exchange Commission, which gives the company flexibility to accept strong demand without cutting every applicant’s allotment sharply.

The shares will rank pari passu with the refinery’s existing ordinary shares, meaning new investors get the same rights as existing shareholders from day one. An independent assessment has also found the shares Shari’ah-compliant, a detail that matters for investors screening for Islamic finance criteria.

When You Can Apply

Subscription opens on September 14, 2026, and closes on October 13, 2026. Retail investors can apply through an electronic application, while qualified investors have the option of applying electronically or through an investor application form. The offer runs by way of an offer for subscription, and once it closes, the shares are expected to list on the Main Board of the Nigerian Exchange, giving the refinery a public market valuation for the first time.

For anyone applying, the process runs through licensed stockbrokers, receiving banks, and approved online investment platforms named in the prospectus once it is published. Allotment results will follow standard exchange timelines, and refunds will go out for any unsuccessful or partial applications. Investors who wait until the prospectus is released will still have the full subscription window to apply, so there is no need to rush a decision before the fine print is public.

What This Means For You

This is the first time the full shape of the Dangote Refinery IPO has been confirmed rather than estimated, and it gives investors a fixed set of numbers to plan around instead of guesswork. On Daba, you will be able to register, fund your account, and apply for shares directly once the subscription window opens on September 14. 

We will publish a full breakdown of the prospectus, including the refinery’s financials and the risks worth weighing before you apply, as soon as it is released later today, so keep an eye on this space.

For more information on how to participate and to track the Dangote IPO, view the dedicated IPO page here.