THE Dangote Refinery IPO will open for public subscription on Monday, September 14, 2026, giving Nigerians an opportunity to own shares in one of Africa’s largest industrial assets.
But how exactly can you buy Dangote Refinery shares, how much do you need, and what steps should you follow?
Aliko Dangote, Chief Executive Officer of Dangote Group, has disclosed that investors can participate in the IPO with a minimum of 10 ordinary shares worth N5,250.
The proposed offering comprises 4.1 billion ordinary shares priced at N525 per share, with the refinery targeting slightly more than N2 trillion from the IPO.
Dangote said the low entry point was deliberately designed to make the offering accessible to ordinary Nigerians.
“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.
He said the offer was designed to accommodate drivers, cooks, domestic staff and managers, among others, while giving investors an opportunity to build long-term savings through ownership of the refinery.
Dangote described the offering as “the IPO for the people.”
Here is a step-by-step guide for Nigerians who want to participate in the IPO:
Step 1: Open an account with a registered stockbroker
To buy shares on the Nigerian Exchange, you generally need an account with a registered stockbroking firm.
Many brokers allow investors to open accounts online. You will need to provide the information required for Know Your Customer (KYC) verification.
Make sure you use a properly registered and authorised stockbroker.
Step 2: Get a CSCS account
Shares traded on the Nigerian Exchange are held electronically through the Central Securities Clearing System (CSCS).
Your stockbroker will typically help you open or link a CSCS account when setting up your investment account.
If your IPO application is successful, the shares will be credited to your CSCS account.
Step 3: Complete your verification
Your stockbroker will request the documents and personal information required to verify your identity and activate your account.
The exact requirements may vary between brokers, so follow the instructions provided by your chosen broker.
Step 4: Fund your account
Once your brokerage account is active, deposit the amount you intend to invest.
With the proposed price of N525 per share, the , subscription of 10 shares would cost N5,250.
If you want to subscribe for more shares, you will need to provide the corresponding amount.
Step 5: Wait for the IPO to open
The Dangote Refinery IPO is scheduled to open on Monday, September 14, 2026.
Investors should confirm the final offer dates, subscription procedure and other terms in the official offer documents before applying.
Avoid relying on unverified information circulating on social media.
Step 6: Submit your application
Once the offer opens, apply through the approved channels stated in the final offer documents.
Depending on the arrangement, investors may be able to apply electronically through participating stockbrokers or other designated platforms.
Enter the number of shares you want, review your application and submit it.
Step 7: Wait for your allocation
Applying for shares does not necessarily mean you will receive the full number requested.
If the IPO is oversubscribed, investors may receive fewer shares than they applied for.
Successful allocations will be credited to investors’ CSCS accounts, while any applicable excess funds will be handled according to the terms of the offer.
Step 8: Monitor your shares after listing
After the shares are listed on the Nigerian Exchange, investors can monitor their value through their stockbrokers.
The share price may rise or fall depending on the company’s performance, investor demand and broader market conditions.
Investors can hold the shares for the long term or sell through their stockbroker when they choose, subject to prevailing market conditions.