Dangote Refinery IPO: A New Chapter for Nigeria’s Capital Market

Nigeria’s capital market is about to witness one of the most significant transactions in its history.

The planned Initial Public Offering (“IPO”) of Dangote Petroleum Refinery and Petrochemicals FZE (“DPRP” or “Dangote Refinery”) brings to the Nigerian Exchange an enterprise that sits at the intersection of energy, manufacturing, trade and industrial development, while opening a new avenue for investors to participate in the evolution of one of Africa’s most significant industrial assets.

The offer comprises 4.1 billion ordinary shares at ₦525 per share, representing approximately ₦2.15 trillion upon full subscription, with an additional greenshoe option of up to 30% available to accommodate excess demand. With a minimum subscription of just 10 shares, a wide range of investors can take an ownership stake in one of Africa’s most significant industrial assets from ₦5,250, making participation accessible to a broad range of Nigerians. In accordance with the terms of the approved offer documents, the offer is scheduled to open on 14 September 2026 and close on 13 October 2026, with FCMB Capital Markets acting as a Joint Issuing House. CSL Stockbrokers is acting as a Stockbroker to the Issue, while First City Monument Bank Limited is a Receiving Bank and a Financial Intermediary with its Portal approved and listed in multiple sources as an Electronic Application Channel.

At the offer price, the transaction implies an indicative, post-offer market capitalization of approximately ₦65.22 trillion ($47.83 billion) on a post-money, pre-greenshoe basis, underscoring the scale of the company being introduced to Nigeria’s public markets.

An Industrial Platform Taking Shape

The Dangote Refinery was conceived in response to a fundamental structural weakness in Nigeria’s economy: the country has substantial crude oil resources but has historically depended heavily on imported refined petroleum products. The commissioning of the refinery began to alter that equation.

With a current refining capacity of approximately 700,000 barrels per day, up from its original nameplate capacity of 650,000 barrels per day, the facility has become a major component of Nigeria’s downstream petroleum infrastructure. Its operations have the potential to reduce reliance on imported refined products while creating a platform for Nigeria to participate more meaningfully in regional petroleum-product trade.

The business has also gained significant momentum, with revenue more than doubling from $6.3 billion in 2024 to $12.3 billion in 2025, before reaching $13.9 billion in just the first half of 2026. Most notably, after recording a loss in 2025, the refinery moved into profitability in the first half of 2026, generating $1.8 billion in profit after tax.

The business is pursuing a significant increase in productive capacity, with plans to take refining capacity to approximately 1.4 million barrels per day by 2029. This would place the refinery among the world’s largest refining operations and materially increase the company’s potential contribution to domestic and regional energy markets.

How To Participate?

The official information and routing website for the Dangote Refinery IPO is https://ipo.dangote.com/. There, interested investors can review information on the upcoming IPO and access resources including “Learn About the IPO”, “Get IPO Ready”, the FAQs and a virtual visit to the refinery. To subscribe, eligible investors use the approved channels applicable to them, subject to the relevant KYC and account information requirements:

1. Institutional and other eligible investors—including HNIs, fund managers, pension fund administrators, insurance companies, investment/unit trusts, Eligible African Investors and other eligible categories—who have the required bank and stockbroking accounts including a CSCS/CHN number, and intend to subscribe for 50,000 shares or more are encouraged to complete the Application Form and email [email protected], or [email protected] expressing interest in the offer with the duly filled and executed form attached. For the avoidance of doubt, the correct form is the finalized form on the last pages of the IPO Prospectus.
2. Interested 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.

3. 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.

In summary, interested investors can subscribe through FCMB and other approved subscription channels. Investors should follow the instructions applicable to their chosen subscription channel and ensure that all required KYC and investor information is up to date.

DPRP has already changed the conversation about what Nigeria can build. The public offering now has the potential to change the conversation about how Nigerians can own, value and participate in that industrial capacity. The next chapter will not be defined by the size of the refinery alone. It will be defined by what the business does with that scale and how effectively it converts investment, infrastructure, and capacity into returns for its shareholders. For Nigeria’s capital market, that may ultimately be the most important outcome of all.