Dangote Refinery IPO Closes Tuesday, Oct 13: Key Facts Before the Deadline

The public offer for Dangote Petroleum Refinery and Petrochemicals FZE has reached its last stretch. The application list opened on Monday, September 14, 2026, and closes on Tuesday, October 13, 2026, according to the offer prospectus and the official offer website. For many Nigerians this has been the first IPO they have followed closely, so this is a good moment to set out the confirmed facts and the practical steps that remain.

The confirmed offer terms

The basics come straight from the prospectus published by the issuing houses:

• What is on offer: up to 4,100,000,000 ordinary shares in Dangote Petroleum Refinery and Petrochemicals FZE.
• Price: ₦525.00 per share, payable in full on application.
• Minimum application: 10 shares, which works out to ₦5,250. Larger applications are in multiples of 10 shares. One hundred shares cost ₦52,500 before any channel charges.
• Window: opened September 14, 2026; closes October 13, 2026.
• Greenshoe: up to 30% extra shares if demand is high, as set out in coverage of the offer terms.

At ₦525 a share, a full 4.1 billion-share take-up would come to roughly ₦2.15 trillion. That is a simple multiplication of the published size and price, not an announced amount raised, and the final figure will depend on how much is actually subscribed and allotted. At that size, the offer is widely described as one of the largest share sales in African history. For comparison, the previous biggest listing on the NGX was MTN Nigeria in 2019.

One small correction worth making, because it is circulating online: October 13 falls on a Tuesday, not a Monday. The official FAQ published by one of the receiving brokers also lists the close as Tuesday.

Why this offer matters for the NGX

Large private companies coming to the Nigerian Exchange to raise equity has been rare in recent years. Most new money raised on the local market has been in government debt and bank capital raises tied to recapitalisation. A household-name company offering shares directly to the public, with a minimum ticket small enough for students and first-time savers, is a different kind of event.

Only about 3.30% of the enlarged company is going to public investors, according to Nairametrics. Retail Nigerians are buying a minority stake in a business the Dangote Group will continue to control. The refinery has a capacity of 650,000 barrels per day in the Lekki Free Zone, Lagos, and the company has stated a target of 1.4 million barrels per day by 2029.

The refinery now supplies around 71% of Nigeria's petrol, according to industry regulator figures reported this week. That gives it real influence over pump prices, and it is one reason the IPO has drawn attention far beyond the usual stock market crowd.

The offer opened through about 55 digital channels, covering 20 banks, two mobile money operators, the NGX Invest platform and 32 fintechs, with a stated aim of reaching 10 million investors. Platforms such as United Capital's InvestNow and Stanbic IBTC's e-subscription portal are among those accepting applications.

If the offer goes well, it could encourage other big private firms to consider listing, which would give retail investors more choice than the familiar group of banks, telecoms and cement names that dominate the index today. A large raise can also pull cash away from other NGX stocks while the offer is open, which some analysts linked to recent selling pressure.

What happens after the close

Closing the application list is not the same as owning shares. After October 13, the process typically runs through a few stages:

1. Reconciliation and basis of allotment. The issuing houses tally applications and propose how shares are shared out, which needs regulatory approval from the SEC.
2. Allotment. Successful applicants have shares credited to their CSCS accounts. If the offer is oversubscribed, some applicants may receive fewer shares than they asked for, with a refund for the balance.
3. Refunds. Money for shares not allotted is returned.
4. Listing. Trading on the NGX can only begin once the listing is approved and the shares are admitted.

The issuing house CardinalStone notes on its offer page that there is a gap between the offer closing and the shares appearing in investors' accounts, so patience is part of the process. We are not aware of an official allotment or listing date yet, so we have not included one here. Applications received after the closing date can be rejected, so do not leave it to the last hour on Tuesday.

Practical checks before the deadline

If you have already applied or are still deciding, these are sensible administrative checks, not recommendations to buy:

• Get a CSCS account and CHN. You need a clearing house number and a CSCS account, usually opened through a stockbroker.
• Use official channels only. The offer website includes a guide on avoiding IPO scams. Apply through a SEC-registered stockbroker, a receiving bank, or an approved digital platform listed in the prospectus. The official information site is ipo.dangote.com.
• Fund in full. Payment is in full on application.
• Match your details. Your name, BVN and CSCS account details should line up, because mismatches are a common cause of delays at allotment.
• Keep your evidence. Save your application confirmation and payment receipt.
• Do not leave it to the last hour. Banks and brokers often set earlier internal cut-offs than the official close.
• Read the prospectus. It covers the business, the risks and the use of proceeds. The risk section is especially worth your time.

Key risks to understand

• Valuation. At ₦525 a share, the IPO implies a value of roughly ₦65 trillion for the company, according to Daba Finance's tracker. Whether that is cheap or expensive depends on future profits, not past hype.
• Policy exposure. The Federal Government is negotiating a ₦1,350 per litre ceiling on petrol's ex-gantry cost, under which refiners could temporarily absorb costs above that level. That could affect margins.
• Control. With most shares held by the promoters, minority shareholders have limited influence on decisions.
• Liquidity after listing. Prices can swing sharply in the first weeks of trading on any new listing.

What it means for everyday investors

The Dangote offer is a reminder that IPOs are not reserved for big money: ₦5,250 is enough to take part. But a low minimum does not make any investment low-risk. The useful habits are the same whether you put in ₦5,250 or ₦5 million: understand the business, decide how much of your savings you are comfortable tying up, and keep good records so you can measure your real return later, including any dividends.

If you do get shares, think of the allotment price and date as the start of a record you will want to keep for years. You can log your holdings and track your portfolio for free on gopexly.com.

Not investment advice. This article is for education only. Do your own research or speak to a SEC-registered adviser before investing.

FAQ

When does the Dangote Refinery IPO close?

The offer closes on Tuesday, 13 October 2026. It opened on 14 September 2026.

What is the minimum amount to buy Dangote Refinery shares?

The minimum is 10 shares at ₦525 each, which is ₦5,250. Larger applications must be in multiples of 10 shares.

When will Dangote Refinery shares start trading on the NGX?

Closing the list is not the same as a listing. Allotment comes first, and trading starts only after the NGX admits the shares. There is no official allotment or listing date in the sources checked for this note.

Sources

• Dangote Petroleum Refinery public offer website: https://ipo.dangote.com/prospectuspdf
• Offer prospectus (hosted by Stanbic IBTC): https://www.stanbicibtc.com/static_file/Nigeria/nigeriaholdings/Common%20content/Dangote%20IPO/Dangote%20Petroleum%20Refinery%20and%20Petrochemicals%20FZE%20-%20Prospectus.pdf
• Stanbic IBTC Stockbrokers IPO FAQ: https://www.stanbicibtcstockbrokers.com/static_file/Nigeria/nigeriastockbroking/Common%20Content/Dangote%20IPO/Dangote%20Petroleum%20Refinery%20and%20Petrochemicals%20FZE%20IPO%20-%20Stanbic%20IBTC%20FAQs.pdf
• CardinalStone offer page: https://cardinalstone.com/dangote-refinery-initial-public-offering/
• Nairametrics, "Dangote Refinery IPO: United Capital's InvestNow App still opens for participation till close date" (10 Oct 2026): https://nairametrics.com/2026/10/10/dangote-refinery-ipo-united-capitals-investnow-app-still-opens-for-participation-till-close-date/
• Nairametrics, "Dangote unveils N2.15 trillion IPO" (14 Sep 2026): https://nairametrics.com/2026/09/14/dangote-unveils-n2-15-trillion-ipo-says-offer-to-democratise-wealth-creation/
• Nairametrics, "Dangote Refinery IPO faces valuation test" (13 Sep 2026): https://nairametrics.com/2026/09/13/dangote-refinery-ipo-faces-valuation-test-as-n2-15-trillion-offer-opens/
• Guardian Nigeria, "Dangote Petroleum Refinery IPO Opens for Subscription": https://guardian.ng/business-services/capital-market/dangote-petroleum-refinery-ipo-opens-for-subscription/
• Daba Finance IPO tracker: https://dabafinance.com/en/dangote-ipo
• The Scoop Nigeria (71% petrol supply share): https://thescoopnigeria.com/dangote-diesel-price-refinery-cuts-gantry-price-by-%e2%82%a680-to-%e2%82%a61700-per-litre/