Investors planning to buy shares in Dangote Petroleum Refinery and Petrochemicals FZE through its initial public offering will have to go through a process that continues beyond submitting an application and making payment.
The refinery is offering 4.1 billion ordinary shares at ₦525 each, with a minimum subscription of 10 shares costing ₦5,250. The offer is scheduled to run from September 14 to October 13, 2026, and could raise about ₦2.15tn if fully subscribed.
After applying through an approved channel, investors will receive confirmation that their subscription has been submitted. However, the confirmation does not mean the shares have already been allocated.
Once the offer closes, applications will be processed and investors will be informed of the number of shares allotted to them. Applying for a particular number of shares does not guarantee that the investor will receive the full amount requested.
Where demand exceeds the number of shares available, the allocation will be made according to the terms of the offer. The issuer may also increase the offer size by up to 30 per cent, subject to regulatory approval.
Following allotment, the shares are expected to be listed on the Nigerian Exchange Main Board, with trading projected to begin in November 2026, depending on regulatory and allotment processes.
Investors should also note that the ₦525 IPO price is not a guaranteed future market price. Once the shares begin trading, their value will be determined by market demand and supply, the refinery’s performance and wider economic condition
