Dangote Petroleum Refinery and Petrochemicals FZE is approaching the October 13, 2026 closing date for its ₦2.15 trillion initial public offering (IPO), as investors watch demand for one of Nigeria’s largest share offers.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each. The minimum application is 10 shares, requiring ₦5,250 before any applicable charges.
The Securities and Exchange Commission (SEC) confirmed approval for the offer to open on September 14, 2026. Reuters reported the offer size, share price and expected fundraising, while the refinery’s official IPO website lists October 13 as the closing date.
The transaction offers eligible investors an opportunity to apply for shares in the refinery. The proceeds are intended to support the company’s expansion plans, including its target of increasing processing capacity to 1.4 million barrels of crude oil per day over the next three years.
Market participants have discussed the possibility of oversubscription. If valid applications exceed the base offer, the published offer FAQs state that the company is able to absorb up to 30% more shares, subject to SEC approval. This provision does not guarantee additional shares will be issued, and the final allocation will follow the approved offer terms.
The allotment date remains unconfirmed on the official IPO website. Reuters reported that trading could begin in late November, but the official website has not confirmed a listing date.
Sources: SEC Nigeria’s IPO notice, Dangote Refinery’s official IPO website, Reuters’ IPO facts report.
Dangote Refinery IPO: Key Facts
| Detail | Information |
|---|---|
| Issuer | Dangote Petroleum Refinery and Petrochemicals FZE |
| Offer size | 4.1 billion ordinary shares |
| Price per share | ₦525 |
| Target proceeds | ₦2.1525 trillion |
| Minimum application | 10 shares |
| Minimum application value | ₦5,250 |
| Opening date | September 14, 2026 |
| Closing date | October 13, 2026 |
| Oversubscription provision | Up to 30% extra shares, subject to SEC approval |
| Allotment date | To be confirmed |
| Expected listing | Reuters reported a possible late-November start, but the official date is unconfirmed |
The base offer value is 4.1 billion shares multiplied by ₦525, giving ₦2.1525 trillion. The rounded figure of ₦2.15 trillion is the amount commonly reported in coverage of the offer.
Why the Dangote Refinery IPO Is Attracting Attention
The scale of the offer is one reason for the attention surrounding the transaction. Reuters described the sale as a potential record IPO for Africa, with the company seeking to raise about $1.6 billion at the exchange rate used in its report.
The refinery has a stated processing capacity of 700,000 barrels per day. The company’s expansion plan aims to raise this to 1.4 million barrels per day over the next three years.
Reuters reported that proceeds from the IPO would help finance expansion. The offer also provides a route for public investors to gain exposure to the refinery through shares, subject to eligibility and allotment.
On October 6, Reuters reported that the refinery’s chief executive, David Bird, said the company aimed to attract 10 million retail investors. This is a target, not a confirmed count of applicants. It should not be treated as evidence the IPO has already reached that level of demand.
Read Reuters’ report on the retail investor target.
What Oversubscription Means for the Offer
An IPO is oversubscribed when valid applications exceed the number of shares available under the offer.
The Dangote Refinery offer starts with 4.1 billion shares. Published IPO FAQs state that the refinery is able to absorb up to 30% more shares than originally offered if demand exceeds supply, subject to SEC approval.
The potential figures are:
| Calculation | Number of shares |
|---|---|
| Base offer | 4.10 billion |
| 30% additional shares | 1.23 billion |
| Potential total | 5.33 billion |
The additional 1.23 billion shares represent 30% of the base offer. The potential total would be 5.33 billion shares if the option were exercised in full and received the required approval.
This does not mean the company will automatically issue the extra shares. The final decision depends on the offer terms, demand and regulatory approval.
Some reports have cited a 25% limit, while others cite 30%. Because these figures produce different totals, the approved prospectus should control. The 30% figure in this article follows the published offer FAQ, rather than treating conflicting media summaries as equal authority.
How Much Does It Cost to Apply?
The offer price is ₦525 per share, and applications start at 10 shares, or ₦5,250. Subsequent applications must follow the multiples stated in the offer terms.
| Shares requested | Application value |
|---|---|
| 10 | ₦5,250 |
| 20 | ₦10,500 |
| 50 | ₦26,250 |
| 100 | ₦52,500 |
| 500 | ₦262,500 |
| 1,000 | ₦525,000 |
These figures show the application value before any applicable charges. They do not guarantee the number of shares an applicant will receive.
If demand exceeds the available shares, the final allotment might be lower than the number requested. Applicants should read the prospectus to understand how allocations and refunds work.
When Will Dangote Refinery IPO Allotment Take Place?
The allotment date remains unconfirmed on the official IPO website.
After the offer closes, the issuing houses will process applications and submit a proposed basis of allotment for regulatory approval. Published offer FAQs state that the allotment announcement will explain how shares are allocated.
The same FAQs state that surplus or rejected application money will be returned within five business days after the allotment announcement, while successful applicants’ CSCS accounts will be credited within 15 business days. Applicants should check the final official timetable for the applicable deadlines.
The official website currently lists allotment as “to be confirmed.” Investors should avoid relying on unofficial dates shared through social media or messaging groups.
When Will Dangote Refinery Shares List on the NGX?
Reuters reported on September 14 that trading could begin in late November, based on the prospectus. The refinery’s official IPO website, however, lists the listing date as unconfirmed.
The distinction matters. A possible listing window reported by a news outlet is not the same as a confirmed exchange timetable.
After listing, the market price will depend on buying and selling activity, investor expectations and the company’s performance. The IPO price of ₦525 does not guarantee the shares will trade above that level.
What Investors Should Check Before Applying
The SEC has warned investors to use only officially designated and approved receiving agents and subscription channels. It also advises applicants to read the approved prospectus and verify websites before sharing personal or financial details.
Investors should avoid transferring money to individuals or platforms that claim to guarantee allotment or preferential treatment. The existence of a website or social media account does not, by itself, prove regulatory approval.
Read the SEC’s official IPO notice and follow the subscription instructions provided through the official IPO website.
Applicants should also consider the risks. Share prices rise and fall, dividends are not guaranteed, and investors might lose some or all of their invested capital.
Conclusion
The Dangote Refinery IPO closes on October 13, 2026. The offer comprises 4.1 billion shares at ₦525 each and seeks to raise about ₦2.1525 trillion.
Published offer FAQs state that the refinery is able to absorb up to 30% additional shares in an oversubscribed offer, subject to SEC approval. The final subscription level and allotment will determine how many shares applicants receive.
The allotment date remains unconfirmed, and although Reuters reported a possible late-November listing, the official IPO website has not confirmed a date. Investors should use approved subscription channels, read the prospectus and avoid treating expected demand as a guarantee of future returns.
Frequently Asked Questions
When does the Dangote Refinery IPO close?
The scheduled closing date is October 13, 2026.
What is the price of one Dangote Refinery share?
The offer price is ₦525 per share.
