Nigerians preparing to invest in the Dangote Petroleum Refinery and Petrochemicals public offering now have 32 approved electronic channels through which they can subscribe for shares when the offer opens.
The channels comprise commercial banks, fintech and investment platforms, mobile-money services and the NGX Invest platform, giving retail investors multiple options to participate in the highly anticipated public offering.
The Dangote Refinery IPO is offering 4.1 billion ordinary shares at a fixed price of ₦525 per share, with the company targeting approximately ₦2.15 trillion from the offer.
Investors can participate with as little as 10 shares, meaning the minimum subscription is ₦5,250, while additional subscriptions must be made in multiples of 10 shares.
The public offer is scheduled to open on September 14, 2026, and close on October 13, 2026, subject to the terms and regulatory framework contained in the offer documents.
The approved banking channels include Access Bank, Stanbic IBTC, FirstBank, United Bank for Africa, Guaranty Trust Company, Zenith Bank, Ecobank, FCMB, Fidelity Bank, Globus Bank, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus Bank, Sterling Bank, TAJ Bank, Union Bank and Wema Bank.
The approved fintech and investment platforms are Bamboo, Flutterwave, InvestNaija, Ladder, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest and We.Yan.
The mobile-money channels approved for the offer are Airtel SmartCash and MTN MoMo, while NGX Invest is also listed as an approved electronic application channel for investors.
The wide range of channels is designed to make the offer accessible to retail investors and support the refinery’s reported ambition of attracting millions of Nigerian investors.
The offering represents one of the biggest attempts to broaden retail participation in Nigeria’s capital market, with the refinery targeting as many as 10 million investors.
Investors should note that the minimum purchase of 10 shares costs ₦5,250 at the fixed offer price of ₦525 per share, while 100 shares would cost ₦52,500 before any applicable charges. For example, an investor seeking 1,000 shares would need ₦525,000 at the offer price, although the final number of shares allocated could differ if demand exceeds the shares available.
The prospectus states that retail investors must apply through approved electronic application channels and cannot submit paper application forms.
Prospective investors are also advised to have the necessary investment infrastructure, including a stockbroking account, a Central Securities Clearing System account and a Clearing House Number, while a valid bank account and Bank Verification Number are also required.
For investors who do not already have a CSCS account, the prospectus provides for an integrated process through participating brokers where applicable, allowing an account to be opened as part of the application process.
The Dangote Refinery is offering the shares as part of a major expansion strategy that includes plans to increase refining capacity to approximately 1.4 million barrels per day by 2029. The company estimates that its broader expansion programme will require about $14.3 billion, with the IPO proceeds intended to partly fund the planned expansion.
The refinery currently has a designed processing capacity of 650,000 barrels per day and has achieved processing rates of up to 700,000 barrels per day following its full-capacity performance testing. The public offering has also attracted significant attention because of the refinery’s growing importance in Nigeria’s petroleum market and its increasing exports of refined products.
The IPO is expected to become one of Africa’s largest public share offerings, with the company seeking to give ordinary Nigerians an opportunity to become shareholders in one of the continent’s biggest industrial projects.
Investors should, however, use only the officially approved channels and carefully verify payment and application details before committing funds, particularly as the popularity of the offer could create opportunities for fraudulent impersonators. With the September 14 opening date approaching, the list of 32 approved channels provides prospective investors with several options for accessing the offer and joining what could become a landmark transaction in Nigeria’s capital market.