How to Buy Dangote Refinery IPO Shares in Nigeria (Closes 27 October 2026): Price, Minimum and Step-by-Step Guide

October 24, 2026

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How to buy Dangote Refinery IPO shares in Nigeria: price, minimum, channels and steps before the 27 October 2026 close

Last updated: 24 October 2026 · By Naijatipsland Editorial Team · Editorial policy

Update, 24 October 2026: the Dangote Petroleum Refinery public offer is still open and is due to close on Tuesday 27 October 2026. The company said on 19 October that it did not plan a further extension, so check your chosen platform’s own cut-off time today rather than leaving it to the last day.

The offer is the biggest public share sale Nigeria has seen, and it has drawn millions of first-time investors with one question: how do I actually buy? This guide explains who is selling, the price and minimum, the approved ways to apply, the documents you need, what happens after you submit, and how to avoid the fake platforms the Securities and Exchange Commission (SEC) has warned about. It is general information, not personal investment advice, and the official prospectus remains the authoritative source.

The offer at a glance

Issuer: Dangote Petroleum Refinery and Petrochemicals FZE.
Price: ₦525 per ordinary share, fixed, according to the official offer page.
Minimum: 10 shares, which is ₦5,250. The official page does not state the multiples above that, so check the prospectus before entering a larger amount.
Size: about 4.1 billion ordinary shares, targeting roughly ₦2.15 trillion (about $1.6 billion), according to Nairametrics. Reuters reported that the total could reach about $2.1 billion if the over-allotment option is exercised.
Dates: the offer opened on 14 September 2026 and was originally due to close on 13 October. With SEC approval, it was extended by two weeks to 27 October.
Listing: on the Nigerian Exchange (NGX) after allotment. Reports point to early December, but no firm date had been confirmed at the time of writing.

What you need before you apply

Bank Verification Number (BVN) and the details of your Nigerian bank account. The official page tells applicants to get these ready first.
A CSCS account (Central Securities Clearing System), where your shares are held electronically. Kobo Terminal’s guide says you need a CSCS account linked to a current bank account, and some apps create one for you when you sign up. Bamboo’s guide says its new users get one automatically, usually within about two hours, so do not leave this step to the final day.
Valid identification. Platforms also commonly ask for your NIN, phone number and other details. If you have not yet confirmed your NIN, see our guide on how to verify your NIN.
The money, in full. The application is paid at the time you submit it. Bamboo’s guide advises funding slightly above your intended amount so a small fee or rounding difference does not cause a failed application.

Step-by-step: how to apply

Gather your details. BVN, bank account details, valid ID and your phone number.
Choose an approved channel. The official page says to subscribe through an SEC-approved receiving agent or electronic application channel and links to a full list. The SEC says there are about 55 approved digital channels: 20 commercial banks, two mobile money operators, NGX Invest and 32 fintech and investment firms. You can also apply through a licensed stockbroker. Subscriptions are not processed on the offer website itself.
Get your CSCS number. Use the one you already have or let the platform create or link one.
Enter the number of shares. At least 10. Check the amount and the price (₦525) on the confirmation screen.
Pay in full and submit. Pay only through the payment page inside the approved channel. Save the confirmation, reference and receipt.
Wait for allotment. If you are allotted shares, they are credited to your CSCS account after the SEC clears the allotment. Any money for shares you are not allotted should be refunded by your channel.

For help, the official page lists a toll-free line (0800 000 DIPO), a WhatsApp number (+234 708 493 6970) and the email ir@dangote.com. Take these only from the official page itself, and never from an advert or a message sent to you.

How much should you expect to get?

The company said it had received subscriptions “three or four times” the amount on offer, as reported by Arise News, and later said it had drawn subscriptions from more than 90 countries. When an offer is oversubscribed, the shares are usually allotted proportionally or by ballot, so you may receive fewer shares than you applied for. Bamboo’s guide says excess payments are refunded to the investor’s wallet. How refunds work depends on your channel, so read its terms before you pay.

What happens after you apply

Kobo Terminal lists expected steps after the close: collation of applications on 3 November, allotment sent to the SEC on 10 November and SEC clearance on 17 November. Another report puts SEC sign-off by mid-November and trading on the NGX main board in early December. These dates are expectations, not guarantees, so watch your channel and the official site for confirmed dates.

After listing, the share price is set by the market. It can trade above or below the ₦525 offer price, and the offer price does not guarantee a profit. If you miss the offer window, you can buy shares through a licensed broker once trading starts. Our beginner guide to investing in Nigeria explains how share trading works, including costs and risks.

What you are buying: facts to weigh

This section is not a recommendation. It lists the facts available in public reporting so you can read the prospectus with the right questions in mind.

The stake on offer is small. Innovation Village reports that the 4.1 billion shares are about 3.3% of equity, and that Aliko Dangote is projected to hold about 84.34% after the allocation and keep voting control. My own arithmetic from those figures implies a total equity value around ₦65 trillion at the offer price. That is an estimate, not an official valuation.
The profit figures are company-disclosed and unaudited. Reports say that, for the nine months to 30 September 2026, revenue was $22.5 billion, net profit $4.7 billion and EBITDA $5.5 billion, against a net loss of $117.2 million a year earlier. The company also said it moved from net debt to net cash. These are company statements, so read the audited numbers in the prospectus.
Part of the money funds expansion. Reports say proceeds will partly fund a multi-year expansion estimated at $14.3 billion, with the rest from internal cash flow and credit lines. Capacity is 700,000 barrels a day, with plans to double it.
Dividends are not guaranteed. No dividend policy had been stated in the reports we reviewed, and talk of dollar-linked dividends was described as subject to regulatory approval.
Risks include oil prices, the exchange rate and regulation, as well as the usual risk that any share can lose value.

For a sense of how the refinery already affects daily life, see our report on the refinery’s petrol price changes.

Nigerians abroad and the Dangote IPO

The share sale is not registered as a public offering outside Nigeria, according to the Reuters report carried by BusinessDay, so investors outside Nigeria must follow local rules or use a limited number of eligible platforms. Bamboo’s guide says diaspora investors on its platform follow the same flow as those in Nigeria, with a BVN and a Nigerian bank account required. The company has also described cross-border arrangements with partners in Botswana, Egypt, Ethiopia and Kenya, but the mechanics were not explained in the reports we reviewed. If you live in the UK or another country, check with a platform that is licensed to serve you, and do not rely on an agent who claims to “reserve” shares for you.

Scam warning: use only approved channels

Scammers follow every big offer. The SEC issued a public notice when the offer opened, urging investors to use only approved channels, and Nairametrics lists the warning signs:

Anyone who asks you to transfer money outside an approved channel.
Unsolicited calls, WhatsApp messages, emails or social media adverts promising guaranteed allotments or preferential access.
Unverified websites, links or apps. A company or social media account existing does not mean it is approved.

The official page adds three rules: never share your PIN, password or OTP, never pay into a personal account, and subscribe only through channels listed on the official site. If a platform is new to you, confirm it is registered through the SEC’s verification portals before you deposit money. Our guides on Ponzi schemes in Nigeria, a fake Dangote crypto advert and choosing savings and investment apps show how these tricks work.

Why this offer is different

Nigeria’s capital market has a small participation base. NGX Group chief executive Temi Popoola told Reuters, as reported by Nairametrics, that about 5% of Nigerians, roughly 12 million people, take part in the capital market, and only a few hundred thousand trade actively. The Dangote offer targets 10 million investors, with a minimum of just ₦5,250, and NGX says it could lift the number of active investors by three to five times and make subscriptions possible through channels such as WhatsApp, POS terminals and basic mobile phones. That explains the scale of the interest, and also why scammers see an opening: many applicants are first-time investors who do not yet know how a legitimate offer works.

Common problems and how to avoid them

Leaving it to the last day. Account verification, CSCS set-up and payments can take hours, and busy platforms can slow down near a deadline. Start now.
Mismatched details. Your name, BVN and bank account details must match. A mismatch is a common reason for delays, so correct it before you apply.
Paying outside the platform. Never send money to a personal account or an agent who promises to “book” shares for you. Pay only inside the approved channel.
Borrowing to apply. Share prices can fall as well as rise, and the offer price does not guarantee a gain. Only commit money you can afford to leave invested.
Not saving proof. Keep screenshots of your confirmation, payment reference and the CSCS number you used, in case you need to raise a query with the channel.
Ignoring the prospectus. It sets out the terms, the risks and the use of proceeds. The offer site links to it.

Quick checklist for the last three days

Confirm your BVN, bank account and ID details are correct.
Choose one approved channel from the official list and verify it.
Create or link your CSCS account and wait for confirmation.
Fund your account with a small buffer above the amount you plan to apply for.
Submit your application early and save the confirmation.
Ignore every unsolicited call, message or advert about “guaranteed allotment”.

Frequently asked questions

Is the 27 October deadline final?

It has been extended once. A report dated 19 October said the company did not currently plan another extension. Treat 27 October as final and check your platform’s own cut-off.

What is the smallest amount I can invest?

Ten shares, or ₦5,250 at ₦525 each, plus any charges your platform adds.

Do I need a stockbroker?

No. You can use a bank, mobile money operator, fintech app, NGX Invest or a licensed stockbroker, as long as the channel is on the approved list.

When will I see the shares?

After allotment is cleared by the SEC. Reports expect that in mid-November, with listing in early December, but dates can change.

Can I sell on the first day of listing?

Once the shares are listed and credited to your CSCS account, you can trade them through a licensed broker or app. Prices can rise or fall, and trading costs apply.

Last checked on 24 October 2026. Offer terms, dates and channels can change. Read the official prospectus and confirm details on the official offer site and your platform before you apply.