Dangote Refinery IPO 2026: Price, Dates and Everything You Need to Know

The Dangote Refinery IPO is officially open, and it’s shaping up to be the largest initial public offering in African history. Following the September 7, 2026 signing ceremony, Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) launched an Offer for Subscription of up to 4,100,000,000 ordinary shares on the Nigerian Exchange (NGX) — and for the first time, eligible international investors can take part without a Nigerian bank account.

Dangote Refinery IPO Offer Price and Key Terms

The offer terms, confirmed in the SEC-registered prospectus, are straightforward:

• Offer price: ₦525 per share (roughly $0.385, based on the exchange rate cited in the prospectus)
• Base offer size: 4.1 billion ordinary shares
• Gross proceeds if fully subscribed: approximately ₦2.15 trillion
• Minimum subscription: 10 shares — a minimum of ₦5,250, before transaction or conversion costs
• Subscription window: September 14 to October 13, 2026, with a possible early close if the offer is oversubscribed
• Oversubscription: the Issuer may absorb up to 30% of the offer, subject to SEC approval

How Big Is the Dangote Refinery IPO?

For scale, the Lekki-based refinery cost roughly $20 billion to build and currently runs at approximately 700,000 barrels per day of refining capacity. The company has disclosed a $14.3 billion expansion plan targeting around 1.4 million barrels per day by 2029, and reported $1.82 billion in profit after tax for the first half of 2026 — a sharp turnaround after a loss in full-year 2025.

Where the Money Goes: Use of IPO Proceeds

After deducting offer costs (about 1.93% of gross proceeds), the net proceeds of roughly ₦2.11 trillion are earmarked for the refinery’s expansion programme — split across refinery process units and equipment (32.5%), utilities and infrastructure (39.8%), and construction and installation works (27.6%).

Is the Dangote IPO Shariah Compliant?

Yes. Buraq Capital’s Shariah assessment found the offer’s business and financial structure passed the required screens, with the ordinary shares deemed permissible.

How Foreign Investors Can Subscribe Without a Nigerian Bank Account

Here’s the part that matters most for international investors: historically, subscribing to a Nigerian public offer meant a Nigerian bank account, a BVN, and a personal CSCS account — which locked most people outside Nigeria out entirely.

Daba solves this. Through its Dangote IPO hub, eligible investors in the US, Canada, Europe, and across Africa can subscribe fully digitally — no Nigerian bank account, no BVN, no personal CSCS account required. This access runs through Daba’s partnership with Coronation Group, one of the issuing houses on the offer, combining Daba’s international onboarding and multi-currency funding with Coronation’s licensed Nigerian market infrastructure.

To subscribe, you create a Daba account on the app or web, complete a quick digital KYC check, fund your account in USD, EUR, GBP, CAD, XOF or XAF, swap to naira inside the app, and submit your subscription before the window closes on October 13, 2026.

Investing involves risk, including possible loss of principal and currency risk on non-naira funds. Read all disclosures and offer documentation before subscribing. Capital at risk.