Dangote Refinery IPO Timeline: Every Key Date You Need to Know

Missing a date in the Dangote Refinery IPO process can mean missing your allotment, your refund, or your shares landing in your account late. Here’s the full indicative timetable straight from the SEC-registered prospectus, and what to do at each stage.

Dangote IPO Subscription Window: September 14 – October 13, 2026

The Application List opened on September 14, 2026 and closes on October 13, 2026. That’s the entire window in which applications for the offer’s 4.1 billion ordinary shares can be submitted. The prospectus flags that this could close earlier if the offer is oversubscribed before the deadline — so waiting until the last week carries real risk of missing out entirely.

What Happens After the Window Closes

Once applications close, the process moves through several defined stages before any shares land in an investor’s account:

• 27 October 2026 — Collation of Returns by the share registrars, tallying all applications received.
• 5 November 2026 — Submission of the Basis of Allotment Proposal and draft Allotment Announcement to the SEC by the Issuing Houses.
• 11 November 2026 — The SEC issues its “no-objection” to the Basis of Allotment, effectively approving how shares will be distributed.

Allotment, Refunds and Crediting: The “Allotment Date +” Stages

From the Allotment Date, a cascade of deadlines follows:

• Allotment Date + 1 Business Day — Net offer proceeds are transferred to DPRP by the receiving banks, and the Allotment Announcement is published.
• Allotment Date + 5 Business Days — Surplus or rejected application monies are returned to investors who were scaled back or unsuccessful.
• Allotment Date + 15 Business Days — CSCS accounts of successful allottees are credited (settlement), and listing/commencement of trading on the NGX is expected around the same point.

Why the Timetable Is “Indicative,” Not Fixed

The prospectus is explicit that these dates assume certain key events happen as planned — if they don’t, the Issuing Houses can adjust the timetable in consultation with DPRP, without advance notice. That’s one more reason not to leave your subscription to the final days of the window.

Timing Your Subscription If You’re Investing From Abroad

For international investors, timing matters even more, because there are extra steps before you can actually subscribe: account creation, KYC verification, and funding and currency conversion all need to happen before you tap “Buy.” Daba is built for exactly this — eligible investors can open an account and complete digital KYC in minutes, without a Nigerian bank account, BVN, or personal CSCS account, through Daba’s partnership with Coronation Group, one of the offer’s issuing houses.

The practical tip from Daba’s own guidance: fund your account in USD, EUR, GBP, CAD, XOF or XAF ahead of when you plan to subscribe, and swap to naira inside the app in advance. That way, when you decide to invest, your naira balance is already sitting ready — instead of you racing a currency conversion against a closing window that could shut early. You can track live status and any timeline updates on the Dangote IPO hub on Daba.

Dates in the offer timetable are indicative and subject to change. Investing involves risk, including possible loss of principal and currency risk. Capital at risk.