Dangote Refinery IPO Closes Oct 27: Price, How to Apply
The Dangote Refinery IPO now closes on Tuesday, October 27, 2026, two weeks later than planned. Shares cost ₦525 each, you must buy at least 10 (₦5,250), and the company expects trading to start in early December. Nigeria’s Securities and Exchange Commission approved the extension, and the company told investors on October 12 that the offer period “has been extended from Tuesday, 13 October 2026 to close on Tuesday, 27 October 2026” (The Kenya Times quotes the notice). In Nigeria you apply through a bank, a stockbroker or an investment app. In Kenya you can apply for depositary receipts at Sh53.50 each, from Sh535, through Renaissance Capital (Kenya) or a firm the Capital Markets Authority approved.
This page gives the dates, the price, the steps and the limits, from the prospectus and news reports. It does not say whether you should buy.
The offer at a glance
| Item | Detail |
|---|---|
| For sale | 4.1 billion new ordinary shares in Dangote Petroleum Refinery and Petrochemicals FZE, about ₦2.15 trillion (US$1.6 billion) if all are taken up (Nairametrics, Reuters). If the offer is oversubscribed, the company may take up to 30% more shares with the SEC’s approval (prospectus). |
| Opened | Monday, September 14, 2026 |
| Closes | Tuesday, October 27, 2026 (extended from Tuesday, October 13) |
| Price | ₦525 a share, paid in full in naira when you apply |
| Minimum | 10 shares (₦5,250), then multiples of 10. The paper Investor Application Form is for qualified investors and starts at 50,000 shares. |
| Cut-off on closing day | The prospectus says 11:59 pm West Africa Time (Lagos time) for electronic applications and 5:00 pm for paper forms. The extension notice we read gives the new date but no new times, so check with your channel and do not leave it to the last hour. |
| Where it will list | The Nigerian Exchange (NGX) in Lagos |
| Limits | One application per applicant, and it cannot be withdrawn once submitted |
Key dates
This is the company’s revised timetable, which it calls indicative (Nairametrics, The Kenya Times). The last three steps follow the prospectus’s own arithmetic, counted from the allotment date.
| Date | What happens |
|---|---|
| Mon, Sep 14 | The offer opened |
| Tue, Oct 27 | The application list closes (it was due to close on Tue, Oct 13) |
| Tue, Nov 3 | The registrars collate the returns |
| Tue, Nov 10 | The basis of allotment goes to the SEC for approval |
| Tue, Nov 17 | The SEC’s “no objection” to the allotment is expected |
| Allotment date + 1 business day | The allotment announcement is published and the net proceeds go to the company |
| Allotment date + 5 business days | Money for rejected applications, and any surplus money, is returned |
| Allotment date + 15 business days | Shares are credited to CSCS accounts, and listing and trading begin on the Nigerian Exchange: “early December”, the company says |
If the allotment date is November 17, those last steps fall on about November 18, November 24 and December 8 (our calculation). A Kenyan report published before the extension gave about December 8 for the Nairobi listing of the receipts (Citizen Digital).
What it costs
Shares are paid for in full at ₦525 each, before any fee your bank or app charges.
| Shares | You pay in full (₦) |
|---|---|
| 10 (the minimum) | 5,250 |
| 100 | 52,500 |
| 1,000 | 525,000 |
| 10,000 | 5,250,000 |
| 50,000 (smallest paper-form application) | 26,250,000 |
How to apply in Nigeria
- Get your details ready. Your bank verification number (BVN) is mandatory for electronic applications, and you need a naira bank account for refunds. A CSCS stockbroking account is advisable. If you have none when you apply, you are allotted shares under a temporary Registrar Identification Number, and they move to your account once you give valid CHN and CSCS details (prospectus, pages 186 to 187).
- Pick a channel the prospectus names. It lists 53 electronic channels, among them the NGX Invest portal, banks (for example Access, First Bank, GTBank, Stanbic IBTC, UBA, Zenith, Jaiz Bank and TAJBank), stockbroker apps, and fintech and mobile-money apps (for example Bamboo, Cowrywise, PiggyVest, Moniepoint and MTN MoMo). Stockbroker receiving agents are on pages 188 to 189.
- Enter the number of shares (10, 20, 30 and so on) and pay ₦525 for each, in naira.
- Keep your confirmation and the application reference your platform gives you.
Open and fund your account now. The company gave account opening and identity checks as a reason for the extension (Nairametrics), and the prospectus says the issuer is not liable for outages or delays on any electronic channel (page 183), so do not leave it to the last hour.
How to apply in Kenya
The Kenyan route sells Global Depositary Receipts (GDRs), not the Nigerian shares themselves. The Capital Markets Authority (CMA) approved a short-form prospectus from Renaissance Capital (Kenya) Limited on October 5. After the offer closes and shares are allotted, the receipts are to be created and listed on the Nairobi Securities Exchange, subject to approval by Nigeria’s SEC (Capital FM).
| Kenya GDR offer | Detail |
|---|---|
| Price | Sh53.50 per receipt |
| Minimum | 10 receipts, or Sh535. It was 2,000 receipts, or Sh107,000, before Renaissance Capital cut it, which Capital FM reported on October 12. |
| On offer | Up to 728.97 million receipts |
| Closes | Tuesday, October 27, after the same extension. The Kenyan offer was due to close at 5 pm on October 13; we found no notice repeating the time for October 27, so ask the firm you use. |
| Listing of the receipts | On the Nairobi Securities Exchange after allotment, subject to approvals. A report from before the extension gave about December 8. |
- Where to apply: through Renaissance Capital (Kenya) or the other firms the CMA named: CPF Capital & Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank (Capital FM, Citizen Digital).
- How: The Kenya Times lists an online application portal and a USSD route, payment in shillings by M-Pesa or bank transfer, and a CDSC account. Confirm the current steps with the firm before you pay.
- Read the small print: the CMA says its approval is not a recommendation, and that GDRs have different features from the investments normally traded on the NSE. The offer is for the refinery in Lagos, not Dangote’s planned project in Lamu.
Elsewhere in Africa and abroad
- Prospectus (September): investors based in Africa outside Nigeria apply through Ecobank Transactional Incorporated or SBG Securities (Pty) Limited in their country, under local rules (page 192). The Kenyan route above was added later. The prospectus defines a retail investor as a resident or non-resident Nigerian.
- Reuters: the sale is not registered as a public offering outside Nigeria, so investors elsewhere depend on local rules or a limited number of eligible platforms. The company says the extra time is partly for depositary-receipt programmes in other markets (Reuters). Depositary receipts were already available in Kenya and Botswana, according to people familiar with the matter (ThisDay via Arise).
If more people apply than there are shares
Aliko Dangote said the offer had already drawn subscriptions of “more than three or four times” the amount the company first intended to raise (Arise). That is the company’s statement, not an audited figure. The prospectus says valid applications at or below a “Full Allotment Threshold” are allotted in full, while larger applications can be scaled back under a basis of allotment the SEC must approve. The threshold has not been announced, so nobody can promise you a number of shares.
Free shares for holders. A retail investor who is allotted at least 10 shares and keeps at least 10 for 12 months from the allotment date becomes eligible for one free incentive share, and for a second after another 12 months. That is a maximum of two, and the programme depends on approvals (prospectus).
Is it Shariah-compliant?
The prospectus carries a Shariah opinion dated September 2, 2026, signed by two Shariah scholars who reviewed an assessment by Buraq Capital Limited, and a certificate dated September 3 from FRACE, the Financial Regulation Advisory Council of Experts of the Central Bank of Nigeria (pages 61 to 64). The opinion applied a standard based on AAOIFI Shariah Standard No. 21 and found that the company’s main business of refining petroleum and selling refined and petrochemical products is permissible and that it passes three financial screens. It concludes that investing in the offered shares is permissible. FRACE says the IPO is “consistent with the applicable principles and requirements of Shari’ah relating to equity participation in lawful business activities”.
| Screen (June 30, 2026) | Result | Limit |
|---|---|---|
| Interest-bearing borrowings, as a share of the company’s equity value | 13.995% | Not more than 30% |
| Interest-earning deposits and investments, as a share of equity value | 2.154% | Not more than 30% |
| Non-permissible income, as a share of revenue | 0.356% | Not more than 5% |
- Purification: the opinion puts the non-permissible income of the first half of 2026 at about ₦0.57 per existing share. That obligation falls on the existing shareholders, not on people who subscribe in the offer. After allotment, it says, investors should purify any non-permissible income attributable to the period they hold the shares, whether or not a dividend is paid, following their scholars’ guidance.
- Not permanent: the opinion says compliance can change with the company’s activities, borrowings, interest-earning deposits or investments, and income, and that the company should be re-screened at least annually. It is not investment advice.
- Your own standard: these are the screens the scholars named in the prospectus. If you follow a different standard, ask your own scholar.
What the prospectus says about the business
- Plant: about 700,000 barrels a day, re-rated from the original design of 650,000, with a plan to reach about 1.4 million by 2029 at an estimated US$14.3 billion.
- Proceeds: net proceeds of about ₦2.11 trillion are meant for that expansion.
- Debt: total borrowings were US$6.24 billion at the end of 2025, of which US$3.99 billion was unsecured borrowing from Dangote Industries.
- Court cases: 14 pending cases at August 26, nine of them above the ₦100 million threshold the prospectus uses for material cases.
- Value: at ₦525 a share the company’s indicative market value at listing is about ₦65.2 trillion, or roughly US$48 billion at the prospectus’s exchange rate of ₦1,364 to the dollar.
| ₦ trillion | 2024 | 2025 | First half of 2026 |
|---|---|---|---|
| Revenue | 9.38 | 18.74 | 19.13 |
| Gross profit | -0.89 | 0.35 | 3.43 |
| Profit after tax | -2.23 | -0.72 | 2.50 |
Figures from the audited summary in the prospectus. The refinery made a loss in 2024 and 2025 and a profit in the first half of 2026.
Before you apply
- This is not advice. Shares can fall, applications can be scaled back, and the prospectus sets out the risks on pages 134 to 155. Only put in money you can afford to leave invested.
- Check the rules that matter to you. The Shariah opinion above applies the screens named in the prospectus. If you follow a different standard, ask a qualified scholar before you apply.
- Use official channels only. Information on other websites is not part of the prospectus. Do not pay into a personal bank or mobile-money account, and ignore anyone who promises you a guaranteed allocation, because the SEC approves the allotment.
Another large IPO this month: Reliance Jio’s share sale opens on October 21 in India.
Sources
- Dangote Petroleum Refinery and Petrochemicals FZE: prospectus (195 pages) and the official offer site
- The Kenya Times, October 13, quoting the company’s notice of October 12; Nairametrics, October 12; Reuters via BusinessDay, October 12; Arise, October 13
- Kenya: Capital FM, October 5, Capital FM, October 12, Capital FM, October 13, Citizen Digital, October 6
