How Much Is Dangote Refinery Raising In The IPO?

Dangote Refinery is targeting ₦2,152,500,000,000, or about $1.6 billion, in its initial public offering. That figure is the total value of shares on offer if every share is bought at the set price, and it is the number to watch as the subscription window plays out.

The offer covers 4,100,000,000 ordinary shares, priced at ₦525.00 ($0.4) each. Multiply the two, and you get the ₦2.15 trillion target, which would rank among the largest share sales in African history if the offer is fully subscribed.

It’s a fixed price offer, meaning the share price stays at ₦525.00 for the entire subscription window rather than moving with demand. Payment is due in full at the point of application, so investors need to fund the whole amount upfront, not in installments.

The minimum subscription is 10 shares, with further applications accepted in multiples of 10 after that. At ₦525.00 a share, that puts the smallest possible application at ₦5,250, or roughly $3.9.

Subscription opens on September 14, 2026, and closes on October 13, 2026. If demand outstrips the ₦2.15 trillion target, the issuer can accept up to 30% more, subject to approval from Nigeria’s Securities and Exchange Commission, rather than turning away every investor beyond the original target.

Once the offer closes, the shares are expected to list on the Main Board of the Nigerian Exchange, giving Dangote Refinery a public market value for the first time. The confirmed prospectus, not earlier estimates or media reports, remains the reference for these figures.

How to participate in the Dangote IPO with Daba

The Dangote Refinery IPO is on track to become the largest public share offering in African history. The offer is priced at ₦525 (about $0.40) per share, with the order book expected to open on September 14, 2026. The company is targeting a total capital raise of roughly $1.5 billion to $5 billion across the offer’s phases, at an estimated valuation of $40 billion to $46 billion. For the first time, everyday investors will have a chance to own a stake in the world’s largest single-train refinery, and to earn dividends paid in US dollars.

Note: As of this writing, the order book has not yet formally opened. Figures reflect the company’s latest published guidance and are subject to change once the final SEC-approved prospectus is released.

When the official subscription window opens, Daba will facilitate participation for its eligible account-holders internationally, through Daba’s compliant Nigerian-market channel operated in partnership with a licensed Nigerian securities broker. The executing partner is a SEC-Nigeria-licensed capital-market operator and NGX dealing member.

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.