How to Invest in the Dangote Refinery IPO on Daba (2026)

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Step by Step Guide to Invest in Dangote IPO on Daba Finance

The Dangote Refinery IPO is no longer speculation. It is an approved public offer, it is shaping up to be the largest IPO in African history — and it is now live on Daba.

If you are an eligible investor outside Nigeria — in the United States, Canada, Europe, or across Africa — this guide walks you through everything: what the offer is, why Daba is the platform built for international access to the Nigerian Exchange (NGX), and exactly how to subscribe, step by step, from account creation to allotment.

Dangote Refinery IPO: The Key Offer Terms

Following the September 7, 2026 signing ceremony, these are the confirmed terms of the offer:

• Offer price: ₦525 per share (roughly $0.40, based on the exchange rate used around the announcement)
• Base offer size: 4.1 billion ordinary shares
• Potential raise: If fully subscribed, the base offer could raise approximately ₦2.15 trillion (around $1.6 billion)
• Minimum subscription: 10 shares — a minimum investment of ₦5,250, before any applicable transaction or currency conversion costs
• Subscription window: September 14 to October 13, 2026, with the possibility of an earlier close in case of oversubscription
• Trading: Expected to begin later, following allotment and listing procedures

For context on scale: the Lekki-based refinery cost roughly $20 billion to build, is one of the largest refining projects ever constructed in Africa, and has already reshaped Nigeria’s refined-fuel market. The company has disclosed a $14.3 billion expansion plan targeting approximately 1.4 million barrels per day of processing capacity by 2029, and reported $1.82 billion in profit after tax for the first half of 2026 — a turnaround from a loss recorded for full-year 2025, according to Reuters.

For investors screening for Shariah compliance: Buraq Capital’s Shariah assessment found the offer’s business and financial structure passed the required screens, with the ordinary shares deemed permissible.

You can track the live offer status, key dates, documentation, and verified updates at any time on the Daba Dangote Refinery IPO Hub.

Why Daba: International Access to the Nigerian Exchange

Here is the problem Daba exists to solve. Historically, participating in a Nigerian public offer from abroad meant a Nigerian bank account, a BVN (Bank Verification Number), a personal CSCS account, paperwork across time zones — and in practice, most international investors were simply locked out.

Daba is the platform built for eligible international investors outside Nigeria who want access to the Nigerian stock exchange. Through Daba’s international Nigeria-market channel, eligible investors can subscribe to the Dangote Refinery IPO without a Nigerian bank account, without a BVN, and without a personal CSCS account — fully digitally, from a phone or browser, wherever you are.

Powered by our partnership with Coronation Group

This access is powered by Daba’s strategic partnership with Coronation Group — the Nigerian financial services group behind Coronation Merchant Bank and Coronation Securities, which are issuing houses on the Dangote Refinery IPO. In plain terms: Daba’s Nigeria-market channel is not a workaround. It runs through one of the institutions at the center of this offer, combining Daba’s international onboarding, multi-currency funding, and mobile-first experience with Coronation’s licensed market infrastructure in Nigeria.

That is the foundation. Now, here is the step-by-step.

How to Invest in the Dangote IPO on Daba, Step by Step

The subscription window is open and the listing is live on Daba. Completing the steps below prepares you to subscribe; none of them commits you to invest until you actually submit a subscription.

Step 1: Create Your Daba Account

Create your account in a few minutes on mobile or on the web platform. You’ll enter your basic details and set up your login.

Step 2: Choose Individual or Business Onboarding

Daba supports two account types, and both lead to the same place — full access to stocks, bonds, managed funds, collections, and IPOs across the BRVM and NGX:

• Individual — for personal investing. Available on mobile and web.
• Business / Entity — available on web only, for trusts, personal investment companies, family investment vehicles, and other corporate structures. This path registers the company itself, designates an administrator, and lists the company’s beneficial owners. It is more document-intensive than individual onboarding (business accounts go through a manual KYB review, which can take up to a week), but execution, access, and repatriation mechanics are identical once approved. Note that a one-year Daba Pro subscription is required for business accounts. Here is the full guide: How to open a business account on Daba.

If you intend to subscribe as a business, start now — the KYB review timeline matters when a subscription window is already open.

Step 3: Complete Your KYC (or KYB) Verification

This is the step that actually unlocks your ability to invest — not just in the Dangote IPO, but across the entire Daba platform, indefinitely.

For individuals, KYC is fully digital and typically takes under 5 minutes:

• Email confirmation and a 6-digit SMS/WhatsApp code
• A valid government-issued ID (passport, national ID, or driver’s license)
• A selfie for identity matching

To avoid delays: use good lighting, capture all four corners of your ID with no glare, and make sure your selfie is clear and well-lit. Here is the detailed guide: How to complete your KYC on Daba in less than 5 minutes.

For businesses, the administrator’s personal KYC starts automatically and immediately, while the business itself goes through KYB — a manual, document-driven review. Six documents are required for every business account: certificate of incorporation, registration documents, articles of association, tax ID documents, proof of address, and proof of bank. Depending on your structure, you may also need a power of attorney and beneficial owner IDs. Review happens per document, so a single unclear scan won’t hold up the rest of your submission.

Step 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.

Step 5: Fund Your Account in Your Own Currency — Then Swap to Naira

This part matters, so read it carefully.

Daba does not accept deposits directly in Nigerian naira (NGN). Instead, you deposit in any other supported currency, and then convert. Daba supports funding in:

• USD — US Dollar
• EUR — Euro
• GBP — British Pound
• CAD — Canadian Dollar
• XOF — West African CFA franc
• XAF — Central African CFA franc

Because the Dangote Refinery IPO is denominated in naira, your subscription is paid from a naira balance. So the flow is: deposit in your currency → swap to NGN inside Daba → subscribe. The swap takes seconds in the app, and the conversion is executed at the rate provided by our FX partners at the time of your swap. Fund a little ahead of time if you can — it means your naira balance is ready the moment you decide to subscribe, rather than racing a closing window.

Step 6: Subscribe to the Dangote IPO in the App

Once your account is verified and your naira balance is funded:

1. Tap the purple Invest button on the bottom navigation (or open the Invest tab on web)
2. Select IPOs
3. Select the Dangote Refinery IPO listing
4. Read the listing in full — the FAQ, the disclosures, and the offer documentation (more on this below)
5. Enter your subscription amount (minimum 10 shares, ₦5,250 at the offer price) and confirm by tapping Buy

Your subscription is then submitted under the terms of the offer.

Step 7: Allotment, Crediting, and Tracking Your Position

After the subscription window closes, allocations are determined under the terms of the SEC-Nigeria-approved prospectus. Once allotment is completed, your shares are credited and you can monitor your position — alongside the rest of your portfolio — directly in the Daba app, with trading on the exchange expected to begin following allotment and listing procedures.

Before You Subscribe: Read the Listing. All of It.

The Dangote Refinery IPO listing on the Daba platform carries the full set of frequently asked questions about the offer, all required disclosures, and the offer documentation. This is not fine print for lawyers — it is the material that tells you what you are buying, on what terms, and what the risks are.

Before you subscribe, we ask every investor to do three things:

1. Read the FAQs on the listing — they answer the practical questions about eligibility, allocation, timelines, and settlement.
2. Read the disclosures and offer documentation on the listing — in full, not skimmed.
3. Make sure you understand the risks — including market risk, currency risk (your returns are earned in naira and converted back to your currency), allocation risk in the event of oversubscription, and the general risks of equity investing. If anything is unclear, ask a qualified adviser before subscribing, not after.

An informed subscription is the only kind we want on Daba.

More Value While You’re Set Up: Daba Pro and Referral Rewards

Two things worth knowing about while you complete the steps above:

• Daba Pro. Daba’s premium subscription tier gives subscribers preferential rates and added platform perks — for example, discounted fees on investments and higher instant withdrawal limits compared to standard accounts. It is also a requirement for business accounts. If you’re planning to invest seriously in opportunities like the Dangote IPO, it’s worth checking your Daba Pro options now. Daba Pro subscribers will benefit from 50% discount on fees.
• Referral Rewards. For a limited time, every friend you refer to Daba using your personal code or link can earn you $5 in investable cash once they invest $100 or more within their first week — and they receive a free stock in return. It’s an easy way to build up investable cash during the IPO window. The current program runs through September 30, 2026, inside the Daba app’s Referrals and Rewards section.

Frequently Asked Questions

Do I need a Nigerian bank account to invest in the Dangote IPO through Daba? No. Eligible investors using Daba’s international Nigeria-market channel do not need a Nigerian bank account, BVN, or personal CSCS account.

Can I deposit naira directly on Daba? No. Daba does not accept direct NGN deposits. Deposit in any supported currency — USD, EUR, GBP, CAD, XOF, or XAF — then swap to naira inside the app at the rate provided by our FX partners.

What’s the minimum investment on the offer? The minimum subscription announced at the signing ceremony is 10 shares, or ₦5,250 at the ₦525 offer price, before any applicable transaction or conversion costs.

When does the subscription window open and close? The offer is scheduled to run from September 14 to October 13, 2026, with the possibility of an earlier close in case of oversubscription. Trading is expected later, following allotment and listing procedures.

Who is behind Daba’s access to this offer? Daba’s Nigeria-market channel is powered by its partnership with Coronation Group, whose Coronation Merchant Bank and Coronation Securities are issuing houses on the Dangote Refinery IPO.

Is the offer Shariah compliant? Yes. Buraq Capital’s Shariah assessment found the business and financial structure passed the required screens, with interest-bearing borrowings, interest-earning deposits and investments, and non-permissible income all below their respective thresholds. The ordinary shares offered were deemed permissible under Shariah.

Is my allocation guaranteed if I apply? No. Daba does not guarantee allocation. Allocation is determined by the issuer and its appointed parties under the terms of the SEC-Nigeria-approved prospectus. In the event of oversubscription, you may receive fewer shares than you subscribed for, with the balance handled as described in the offer documentation.

Where can I read the full offer details? On the Dangote Refinery IPO listing inside the Daba platform, which carries the complete FAQs, disclosures, and offer documentation — and on the Daba Dangote Refinery IPO Hub for live status and verified updates.

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Get the Daba app | Open Daba on the web | Visit the Dangote IPO Hub

Nothing on this page constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation to invest in any security. Participation is available to eligible investors only and subject to applicable regulations, eligibility requirements, and the terms of the offer documentation. Investing involves risk, including the possible loss of principal, as well as currency risk on non-naira funds converted to subscribe. Read all FAQs, disclosures, and offer documentation on the listing before subscribing, and make sure you understand the risks. Daba does not provide tax, legal, or investment advice. Capital at risk.