Dangote Petroleum Refinery has launched an initial public offering that could raise about ₦2.15 trillion and give a wider group of Nigerians direct ownership in the business.
Key terms of the offer
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The company is offering 4.1 billion ordinary shares at ₦525 apiece. Full subscription would generate approximately ₦2.15 trillion.
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The offer opened on Sept. 14, 2026, and will remain available until Oct. 13, 2026.
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Retail participation starts at 10 shares. At the offer price, the minimum investment is ₦5,250.
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Aliko Dangote has characterised the transaction as an “IPO for the people.” The relatively low minimum investment is designed to allow Nigerians from varied income levels and professional backgrounds to acquire a stake in the refinery.
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The flotation could have a wider effect on Nigeria’s capital markets. Ladi Balogun, chief executive of FCMB Group, said it could reinforce the Nigerian Exchange and help advance its goal of becoming Africa’s biggest and most significant capital market.
The deal could also prompt other major African businesses to raise funds and pursue listings in Nigeria.
The opening gong ceremony and presentation on the offer took place at the NGX in Lagos on Sept. 14, 2026. Those present included Oyetunde Fadele, deputy managing director of FCMB Capital Markets Limited, and David Bird, chief executive of Dangote Petroleum Refinery and Petrochemicals. FCMB Capital Markets is serving as one of the joint issuing houses.
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FCMB Group is involved through three of its operating businesses:
- FCMB Capital Markets is a joint issuing house.
- CSL Stockbrokers is the stockbroker handling the offer.
- First City Monument Bank is acting as the receiving bank and distribution agent.
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Qualified investors and high-net-worth individuals seeking at least 50,000 shares must have an active stockbroking account. They should complete the investor subscription form, fund their selected account and submit both items to FCMB Capital Markets at [email protected].
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Retail customers with an FCMB bank account can subscribe to the Dangote Petroleum Refinery and Petrochemicals IPO through the following process:
- Sign in through the FCMB Mobile App or go to https://www.fcmb.com/.
- Use the instructions provided to reach the Dangote IPO subscription portal.
- Indicate whether a CSCS or CHN number is available.
- If the investor has one, enter the number and complete the subsequent instructions.
- If not, follow the steps to create a trading account with CSL Stockbrokers. A code will be issued once that process is completed.
- Make sure the FCMB account contains enough money to pay for the shares and approve the direct-debit instruction.
Investors who do not hold an FCMB bank account can participate by visiting https://cslportal.fcmb.com and opening a stockbroking account through the CSL portal. Online guidance is also provided for those who wish to open a bank account.
