Subscription for Dangote Refinery N525 Per Share IPO Kicks Off (Where to Buy)

By Aduragbemi Omiyale

The much-awaited initial public offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals FZE has finally commenced.

Subscription for the IPO kicked off on Monday, September 14, 2026, and will end on Tuesday, October 13, 2026.

The Lagos-based refinery is selling its shares to members of the public at a unit price of N525, with a minimum subscription of N5,250, amounting to 10 units.

Business Post reports that the company is offering about 4.1 billion ordinary shares of Dangote Refinery, with a nominal value of $0.000013 each.

The offering could raise about N2.15 trillion if fully subscribed, with about 10 million retail investors being targeted.

According to the president of Dangote Industries Limited, Mr Aliko Dangote, who described the exercise as the people’s IPO, the company wants workers and ordinary Nigerians, including its drivers, cooks and managers, to have an opportunity to become shareholders.

“What we are trying to do is to make sure the majority of our drivers, cooks, servants, managers, everybody, will have an opportunity to have a stake in this refinery,” Mr Dangote said last Monday at the signing ceremony of the IPO in Lagos.

To make it easier for investors to buy the stocks, several digital channels have been made available, including selected bank apps, stockbroking apps, Nigerian Exchange, and others.

Dangote Refinery, which has the capacity to refine 700,000 barrels of crude oil per day, was built for about $20 billion and is currently worth $40 billion.

Proceeds from the IPO are expected to be used for the expansion of the oil facility. The plan is to increase the capacity of Dangote Refinery to about 1.4 million barrels per day.

Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange, and position Nigeria as a major exporter of petroleum products.

Since commencing commercial operations, the refinery has supplied premium-quality petroleum products to domestic and international markets while supporting industrial growth and economic transformation across the region.

The company emphasised that participation in the offer is designed to be accessible, transparent, and technology-enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorised investment platforms, subject to the provisions contained in the prospectus.