Dangote Refinery IPO: Meristem emerges go-to platform for investors

With the Dangote Petroleum Refinery and Petrochemicals IPO attracting significant investor interest, one of the key questions for prospective subscribers is how to participate in the offer.

For investors looking for a direct route into the IPO, Meristem Stockbrokers Limited, the Lead Stockbroker to the offer, provides a dedicated platform through which subscriptions can be submitted.

Meritrade is one of the electronic application channels listed in the IPO prospectus, allowing investors to submit applications digitally.

Investors can access the Dangote Refinery IPO through Meristem’s dedicated offer portal, while new investors can also use Meristem’s digital investment platform, MeriTrade, to begin the process of opening a stockbroking account and accessing the Nigerian equities market.

The Dangote Refinery IPO offers 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares, equivalent to N5,250.

For investors who already participate in the Nigerian stock market, having details such as their CSCS account number and Clearing House Number, CHN, readily available can also make the subscription process easier. Applicants without valid CHN and CSCS details may still receive an allotment through a temporary Registrar Identification Number. Their shares can then be transferred to their stockbroking account once the required details are provided.

How investors can participate

Meristem Stockbrokers is serving as Lead Broker to the Dangote Petroleum Refinery and Petrochemicals IPO, while Meristem Capital Limited is a Joint Issuing House to the offer.

As part of its role, Meristem is providing investors with a dedicated digital channel through which they can access and subscribe to the offer.

• Investors can visit Meristem’s dedicated Dangote IPO portal at https://dangoteipo.meristemng.com/, enter the required personal and investment information, specify the number of shares they wish to subscribe for and complete payment through the approved channels.
• Existing investors should have their relevant capital market details available, while those who do not already have a brokerage account can begin the onboarding process through MeriTrade.

Investors should also ensure that the information supplied during the subscription process corresponds with the details attached to their bank account, BVN and investment profile.

Accurate information is important for the reconciliation of subscriptions and the eventual allocation and crediting of shares.

MeriTrade opens the market to new investors

Beyond providing access to the Dangote Refinery IPO, Meristem operates MeriTrade, its digital stockbroking platform designed to give retail investors access to the Nigerian equities market.

Through the platform, investors can open accounts, fund their portfolios, monitor investments and buy or sell eligible securities.

This is particularly relevant for Nigerians considering the Dangote Refinery IPO as their first stock market investment.

Rather than participating in the IPO as a one-off transaction, an investor who opens an account through Meristem can establish the infrastructure needed to continue investing in other securities listed on the Nigerian Exchange.

The platform also gives investors an avenue to manage their portfolios digitally after completing the necessary onboarding requirements.

Experience across major Dangote transactions

Meristem’s involvement with the Dangote Refinery IPO also builds on its previous participation in major transactions involving companies within the Dangote Group.

• In 2017, Meristem Stockbrokers facilitated a series of Dangote Cement share transactions involving international investors.
• One of the transactions involved the sale of shares valued at about N27 billion in November 2017 as part of efforts to increase Dangote Cement’s free float, which represents the portion of a listed company’s shares available for public trading.
• The following month, Meristem acted in another major block transaction involving approximately 550 million Dangote Cement shares valued at about $350 million.

At the time, the transaction ranked among the largest single equity trades executed on the Nigerian stock market.

Meristem’s relationship with companies in the Dangote Group continued in 2026 when it acted as Sole Stockbroker to Dangote Sugar Refinery’s N485.9 billion Rights Issue.

The transaction involved approximately 8.1 billion new ordinary shares offered to existing shareholders at N60 per share.

Its appointment as Lead Stockbroker to the Dangote Refinery IPO therefore extends a history of involvement in major Dangote-related capital market transactions.

Among the most active brokers on the NGX

Beyond its track record on Dangote-related transactions, Meristem is also one of the most active stockbroking firms on the Nigerian Exchange.

• According to the NGX Year-to-Date Top Ten Stockbrokers report for August 2026, Meristem Stockbrokers recorded a trading volume of about 19.11 billion shares, with transactions valued at approximately N581.18 billion between January and August 2026.
• The figures place Meristem among the most active stockbrokers on the Nigerian equities market during the period, complementing its role as Lead Stockbroker to the Dangote Refinery IPO and its experience executing transactions for retail and institutional investors.
• Its role as Lead Stockbroker to the Dangote Refinery IPO therefore comes alongside an existing presence in the secondary market and experience executing transactions for both retail and institutional investors.

The Dangote Refinery offer is scheduled to close on October 13, 2026. Meristem’s involvement provides investors with a digital channel to participate in the offer while also gaining access to the broader Nigerian equities market.