By Feyisetan Hamzat
Nigerians and other eligible investors will soon have the opportunity to buy shares in Dangote Petroleum Refinery and Petrochemicals FZE, as the company's much-anticipated Initial Public Offering (IPO) opens on September 14, 2026.
The refinery is offering 4.1 billion ordinary shares at ₦525 per share, with the offer capable of raising approximately ₦2.15 trillion if fully subscribed.
The offer will run from September 14 to October 13, 2026, making it one of the biggest capital-market transactions in Nigeria's history.
Minimum Investment of ₦5,250
According to the offer information circulated by FirstBank, retail investors can subscribe for a minimum of 10 shares, which amounts to ₦5,250.
Additional subscriptions are to be made in multiples of 10 shares.
The offer is expected to give ordinary Nigerians an opportunity to own a stake in one of Africa's largest industrial projects.
At the September 7 IPO signing ceremony in Lagos, Dangote said the objective was to make ownership accessible to people from different walks of life, including workers and other ordinary Nigerians.
What Will the Money Be Used For?
Funds raised through the IPO will be used primarily to finance the refinery's expansion.
Dangote Refinery currently has a refining capacity of about 700,000 barrels per day, and the company plans to increase this to approximately 1.4 million barrels per day by 2029.
The planned expansion is estimated at $14.3 billion.
The company is also pursuing additional investments in refining and petrochemicals as it seeks to strengthen its position in the African energy market.
A Major Capital-Market Moment
The IPO is being closely watched because of the scale of the refinery and the size of the proposed share sale.
If fully subscribed, the offer could raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.
The refinery has also recorded a major turnaround in its financial performance, reporting a $1.82 billion profit in the first half of 2026, compared with a $476 million loss recorded for the whole of 2025.
What Investors Should Know
Issuer: Dangote Petroleum Refinery and Petrochemicals FZE
Offer price: ₦525 per share
Minimum subscription: 10 shares
Minimum investment: ₦5,250
Opening date: September 14, 2026
Closing date: October 13, 2026
Proposed listing: Nigerian Exchange Main Board
Purpose: Refinery expansion
FirstBank has informed its customers that applications will be available through its approved banking channels, including FirstMobile, FirstOnline, PayByLink, LIT App, FirstDirect for corporate customers, Agency Banking outlets and FirstBank branches.
However, potential investors are advised to read the approved prospectus carefully and seek independent professional advice where necessary.
The availability of the shares at ₦525 does not mean the investment is risk-free. Like other equity investments, the value of the shares can rise or fall after listing.
For Nigeria's capital market, however, the Dangote Refinery IPO represents a landmark development.
And for ordinary Nigerians, the immediate question is simple:
Will you become a shareholder in Dangote Refinery when the offer opens on September 14?
Sources: FirstBank, SEC, Dangote Group, Reuters
