Dangote Refinery IPO: What Investors Need to Know as the ₦2.15 Trillion Offer Opens

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The Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO) is set to open on Monday, September 14, 2026, offering eligible investors an opportunity to participate in one of the most significant transactions in Nigeria’s capital market in recent years.

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With 4.1 billion ordinary shares being offered at ₦525 per share, the Offer is expected to raise approximately ₦2.15 trillion if fully subscribed. The Offer is scheduled to close on October 13, 2026, with the shares proposed for listing on the Main Board of the Nigerian Exchange (NGX).

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For investors considering participation, understanding the structure of the Offer, what the proceeds will support, and how to access the transaction is as important as the headline numbers.

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What is the Dangote Refinery IPO?

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The Offer is being undertaken by Dangote Petroleum Refinery and Petrochemicals FZE, which owns and operates the integrated Dangote Refinery and petrochemicals complex in Lagos.

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The facility currently has a refining capacity of approximately 700,000 barrels per day, alongside petrochemical production capabilities including polypropylene. The integration of refining and petrochemical operations allows the business to produce a broader range of refined petroleum and chemical products.

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The company plans to expand its refining capacity to approximately 1.4 million barrels per day by 2029, with construction of the expansion project having commenced in January 2026.

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The proceeds from the IPO are intended to support growth capital expenditure connected to this expansion programme and the company’s broader long-term growth strategy.

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The Offer at a Glance

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• Issuer: Dangote Petroleum Refinery & Petrochemicals FZE
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• Shares Offered:1 billion ordinary shares
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• Offer Price: ₦525 per share
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• Minimum Subscription: 10 shares
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• Minimum Investment: ₦5,250
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• Offer Size: Approximately ₦2.15 trillion
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• Offer Type: Offer for Subscription
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• Pricing: Fixed Price
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• Payment: In full on application
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• Indicative Opening Date: September 14, 2026
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• Indicative Closing Date: October 13, 2026
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• Proposed Listing: Main Board of the Nigerian Exchange
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• Shariah Status: Shares have been assessed as Shariah-compliant based on an independent assessment and applicable screening criteria.
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Eligible retail investors may also qualify for an incentive of up to two additional shares at no additional cost, subject to the prescribed holding period and requisite approvals.

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Investors should note that subscribing for shares does not guarantee full allotment. In the event of oversubscription, the Offer provides for the possibility of the issuer absorbing up to 30% of the Offer, subject to SEC approval, while the final allocation will be determined in accordance with the applicable basis of allotment.

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Accessing the Offer Through the Zedcrest Wealth App

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For investors who choose to participate, the Zedcrest Wealth App provides a digital route into the Nigerian equities market.

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Through the app’s Stocks module, investors can access Nigerian equities and place trades through Zedcrest Securities, Zedcrest Group’s stockbroking business and a licensed market participant. The integration brings stock-market access into the same digital investment environment where users can manage other investment products.

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Investors can create their CSCS account through the Zedcrest Wealth App, fund their account and access the equities market from one platform. The experience is designed to reduce some of the friction traditionally associated with accessing the stock market, while providing investors with greater visibility over their investments.

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The Stocks module also gives investors the flexibility to participate beyond a single transaction. Following the Dangote Refinery IPO, investors can continue to build and manage their portfolios across Nigerian equities, allowing the IPO to become part of a broader investment strategy rather than an isolated investment decision.

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More Than Access: The Role of Market Infrastructure

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The significance of the Zedcrest Wealth proposition extends beyond providing a digital interface for buying shares.

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Zedcrest Group’s securities business was strengthened through the acquisition of RMB Nigeria Stockbrokers in 2024, which was subsequently rebranded as Zedcrest Securities. The development expanded the Group’s capabilities across stockbroking, institutional market access and securities execution.

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In June 2026, Zedcrest Securities was appointed a Joint Stockbroker on the Dangote Refinery IPO, placing the business among the market operators supporting the execution of the transaction.

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The appointment reflects the Group’s broader strategy of building capabilities across the financial services value chain and improving access to capital-market opportunities for a wider range of investors.

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Making an Investment Decision

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While the scale of the Dangote Refinery IPO makes it a significant capital-market event, participation should ultimately be guided by an investor’s objectives, risk appetite, investment horizon and understanding of the underlying business.

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An IPO is not a guarantee of returns. The value of shares can rise or fall after allotment and listing, and investors may lose part or all of their invested capital. Prospective investors are therefore encouraged to read the Offer Prospectus carefully and seek professional advice where necessary before making an investment decision.

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For Zedcrest Group, the opportunity presented by the Dangote Refinery IPO goes beyond the size of the transaction. It represents another important moment in the development of Nigeria’s capital market and an opportunity to make equity ownership more accessible through digital infrastructure, regulated market access and a broader investment ecosystem.

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As the Offer opens on September 14, investors can access the Zedcrest Wealth App to prepare their CSCS account and explore the Stocks module as part of their investment journey.

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About Zedcrest Group

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Founded in 2013, Zedcrest Group is one of Africa’s leading integrated financial services groups, delivering solutions across asset management, investment banking, securities and financing through its subsidiaries: Zedcrest Capital, Zedcrest Global Markets, Zedcrest Wealth, Zedcrest Securities, and Zedvance Finance.n

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Committed to improving capital flows across Africa, the Group partners with individuals, institutions and businesses to deliver innovative financial solutions that create sustainable economic value.

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For more information, visit www.zedcrest.com.n

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