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7 Things to Know About the Dangote Refinery IPO

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From left: President, Dangote Industries Limited, Alhaji Aliko Dangote; Governor Babajide Sanwo-Olu of Lagos State; Group Managing Director, Nigerian Exchange (NGX) Group, Mr. Temi Popoola; Chairman of Coronation Group Limited, Mr. Aigboje Aig-Imoukhuede and Group Chief Executive, FCMB Group Plc, Mr. Ladi Balogun, at the Opening Gong Ceremony and Facts Behind the Offer presentation of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals at the NGX on September 14, 2026, in Lagos. FCMB Group is participating in the transaction through three operating companies - FCMB Capital Markets, CSL Stockbrokers and First City Monument Bank.

Dangote Petroleum Refinery has opened its initial public offer to investors. Here are the key details.

1. The company is seeking about ₦2.15 trillion

The offer comprises 4.1 billion ordinary shares priced at ₦525 each. If fully subscribed, it will raise approximately ₦2.15 trillion.

2. The offer runs for one month

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The IPO opened on Sept. 14, 2026, and is scheduled to close on Oct. 13, 2026.

3. Investors can start with ₦5,250

The minimum subscription is 10 shares. At ₦525 per share, eligible investors can participate with ₦5,250.

4. The IPO will broaden ownership of the refinery

Aliko Dangote described the transaction as an “IPO for the people.” Its low entry point is intended to give Nigerians across different income and professional groups an opportunity to own shares in the business.

5. The transaction could reshape Nigeria’s capital market

FCMB Group Chief Executive Ladi Balogun said the offer could strengthen the Nigerian Exchange and support its ambition to become Africa’s largest and most relevant capital market.

The transaction may also encourage other large African companies to raise capital and list their shares in Nigeria.

6. FCMB Group is participating in the transaction through three operating companies:

  • FCMB Capital Markets is a joint issuing house.
  • CSL Stockbrokers is stockbroker to the issue.
  • First City Monument Bank is a receiving bank and distribution agent.
7. Qualified Investors and High Net Worth Individuals purchasing 50,000 shares and more, with a working stockbroking account should fill out the investor subscription form and credit their account of choice, sending both to FCMB Capital Markets at the following email address: equitycapitalmarkets@fcmb.com

8. Interested Retail investors with an FCMB bank account can subscribe to the DPRP IPO by following these steps:

  • Log in to the FCMB Mobile App or visit https://www.fcmb.com/
  • Follow the prompts to the Dangote IPO subscription portal.
  • Select if you have a CSCS/CHN number.
  • If yes, fill in the number and follow the instructions.
  • If not, follow the prompts to open a trading account with CSL Stockbrokers, after which a code will be generated for you.
  • Ensure your FCMB bank account is sufficiently funded to cover your subscription and authorize the direct debit.
  • Investors without an FCMB bank account who want to participate in the DPRP IPO can visit the CSL portal at https://cslportal.fcmb.com to open a stockbroking account. Instructions for opening a bank account are available online.
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