N525 Per Share: Dangote Refinery Opens N2.15tn IPO, How Nigerians Can Buy Shares
- Nigerians now have the opportunity to buy Dangote Refinery shares as the facility's N2.15 trillion Initial Public Offering (IPO) goes live on Monday, September 14, 2026
- Aliko Dangote, the Chairman of the Dangote Group, had said the refinery's share sale is so affordable that ordinary Nigerians can purchase it
- Nigerians can purchase the refinery's shares via banks, approved stockbroking firms, fintech platforms and other channels
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Dangote Petroleum Refinery & Petrochemicals FZE has opened its Initial Public Offering, allowing Nigerians and other eligible investors to own shares in Africa’s largest oil refinery.
The public offer, which opens on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares priced at N525 each.
Source: Facebook
At that price, the offer could raise about N2.15 trillion if fully subscribed, placing it among the biggest equity offerings undertaken in Africa.
According to the company, investors can subscribe for a minimum of 10 shares, meaning Nigerians can participate with as little as N5,250. The offer is scheduled to close on October 13, 2026, subject to the conditions contained in the IPO prospectus.
The shares are being offered to retail and institutional investors as well as other eligible African investors.
What Dangote Refinery plans to do with N2.15tn
Dangote Refinery said proceeds from the IPO would support its long-term growth strategy, operational expansion and strategic investments.
The company also expects the transaction to broaden its shareholder base and give more investors direct exposure to one of Nigeria’s biggest industrial projects.
Speaking on the offer, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the IPO as a new chapter for the refinery and Nigeria’s economy.
He said the public offer goes beyond raising capital by creating an opportunity for ordinary Nigerians and other investors to participate in the value generated by the refinery.
Dangote added that broader ownership could help create wealth, strengthen Nigeria’s capital market and improve economic inclusion.
The refinery, which has emerged as a major supplier of petroleum products, was established partly to reduce Nigeria’s dependence on imported refined products, conserve foreign exchange and expand the country’s petroleum export capacity.
NGX explains significance of Dangote IPO
Nigerian Exchange Group Managing Director and Chief Executive Officer Temi Popoola said the transaction represents an important moment for Nigeria’s capital market.
According to Popoola, the market should increasingly provide opportunities for Nigerians to own stakes in major businesses operating in the country.
He said NGX Group has expanded the infrastructure available for investors through NGX Invest and more than 50 distribution channels, including banks, stockbrokers and fintech platforms.
The approach is expected to make participation easier for retail investors who may previously have considered buying shares complicated.
How Nigerians can buy Dangote Refinery shares
Nigerians interested in participating will not necessarily have to visit the Nigerian Exchange trading floor, according to a report by Punch.
The company said subscriptions have been designed to be technology-enabled and accessible through approved channels.
Investors can subscribe through NGX Invest, designated commercial banks, authorised stockbrokers and approved investment or fintech platforms participating in the offer.
A prospective investor will generally need to select Dangote Petroleum Refinery's public offer on an approved channel, provide the required investor and identification information, choose the number of shares and make payment according to the platform's instructions.
The minimum subscription is 10 shares at N525 each, or N5,250. Investors seeking more shares should subscribe in accordance with the multiples and other conditions specified in the official prospectus.
Applicants should verify that they are using an approved IPO distribution channel and carefully read the prospectus before transferring money or submitting an application.
The prospectus contains important information on the company, the offer, financial performance and investment risks.
Source: Getty Images
Nigerians get a chance to own part of refinery
The IPO represents a major shift for Dangote Refinery by opening ownership of the business to public investors for the first time.
Since beginning commercial operations, the refinery has supplied petroleum products to Nigeria and export markets, while becoming increasingly important to the country's fuel supply and downstream petroleum industry.
With the offer running until October 13, 2026, retail investors now have roughly one month to decide whether to participate.
However, like every equity investment, purchasing Dangote Refinery shares carries risks, and returns are not guaranteed. Investors are expected to assess the prospectus and their financial circumstances before committing funds.
Aliko Dangote predicts refinery's shares could hit ₦10,000
Legit.ng earlier reported that Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has projected a significant increase in the value of Dangote Refinery shares, saying the stock could eventually rise from its proposed offer price of ₦525 to ₦10,000 per share.
Dangote predicted this during an interview with Abis Fulani, published on X (formerly Twitter) on Saturday, September 12, 2026, in a post shared by Imran Muhammad.
Source: Legit.ng
