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Dangote Refinery’s IPO opens September 14 at ₦525 per share.
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Retail investors can start with 10 shares, costing ₦5,250.
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Applications can be made digitally through approved banks, fintech platforms and stockbrokers.
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You do not need an existing CSCS account to apply.
September 09, (THEWILL) — For Nigerians who have been watching Dangote Refinery’s IPO from the sidelines, the waiting ends on September 14.
Dangote Refinery will open its public offer for 4.1 billion ordinary shares at ₦525 each, with the company seeking to raise about ₦2.15 trillion. The offer will run until October 13, giving investors four weeks to decide if they want to become shareholders.
The minimum entry is 10 shares, meaning an investor needs ₦5,250 to start.
Knowing the price is only the first step. Here is how the application process works.
What You Need Before You Apply
Investors need a Bank Verification Number (BVN), a bank account and a phone or laptop to subscribe.
You do not need to already have a Central Securities Clearing System account. Once your details are verified, a CSCS account can be created as part of the subscription process.
Investors should also have enough money in the bank account they intend to use because payment is made when the application is submitted.
Where Can You Buy The Shares?
The offer has been structured to make applications digital, so investors do not have to visit a stock exchange or physically submit paperwork.
Approved channels include Moniepoint, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Invest Naija, alongside participating banks and stockbrokers.
Investors should use only approved subscription channels and should never share their PIN, password or OTP with anyone.
Stock-trading/investment interface. Source: Bamboo
How To Apply
1. Choose An Approved Channel
Select one of the approved apps, platforms, banks or stockbrokers offering access to the Dangote Refinery IPO.
Do not transfer money to an individual or use a random link sent through WhatsApp or social media. Investors should verify that the platform they are using is authorised to participate in the offer.
2. Have Your BVN And Bank Details Ready
Your BVN and bank account details will be used to verify your identity and complete the application.
If you do not already have a CSCS account, one can be created after your details are verified as part of the process.
3. Select The Number Of Shares You Want
The minimum subscription is 10 shares.
At ₦525 per share:
10 shares = ₦5,250
100 shares = ₦52,500
500 shares = ₦262,500
1,000 shares = ₦525,000
Investors can apply for more than the minimum, subject to the terms of the offer.
4. Pay For The Shares
Payment is made when you submit your application.
After the application goes through, you should receive confirmation from the platform through which you subscribed.
5. Wait For Allotment
Applying for shares does not automatically mean you will receive every share you requested.
If the offer is oversubscribed, the advisers and the Securities and Exchange Commission will determine the final allotment after the offer closes.
The offer structure also allows for up to about 30% additional shares in the event of oversubscription, subject to the applicable approvals. If fully exercised, the number of shares issued could rise from 4.1 billion to about 5.3 billion.
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What Happens After You Get The Shares?
Once shares are allotted, they will be held in your CSCS account.
Your stockbroker will provide your CSCS account and Clearing House Number (CHN) details once the process is completed.
The shares are expected to be listed on the Main Board of the Nigerian Exchange after the offer closes, allowing shareholders to trade them in the market.
At that point, you will own shares in a publicly traded company, and their market value can rise or fall after listing.
Before You Press Buy
₦5,250 makes the IPO accessible, but accessibility does not make it risk-free.
Share prices can rise or fall, and investors may not recover the amount they invest. Prospective investors should read the prospectus carefully and seek professional financial guidance if they are unsure about the investment.
Dangote Refinery plans to use the IPO to support its expansion, including its proposed increase in refining capacity to 1.4 million barrels per day.
The company reported a $1.82 billion profit in the first half of 2026, but investors are still buying into a business exposed to crude supply, refining margins, operating costs, and the execution of a major expansion programme.
So the difficult part is not buying the shares. It is deciding how much of your money you are comfortable putting into them.
Joy Onuorah is a business journalist and brand communications specialist covering financial markets, artificial intelligence, digital economy, and the ideas reshaping business across Africa and the global market. Beyond her reporting for TheWill, Joy uses brand strategy, storytelling, copywriting, and high-value SEO to help brands build lasting market authority.
