One of the biggest investment opportunities Nigeria has seen in years is still open.
The Dangote Refinery IPO gives eligible investors the chance to own a piece of one of Africa’s largest refining and petrochemical businesses. And you can subscribe directly through MyInvestar.
First Ally Advisory Limited is proud to serve as a Joint Issuing House on the Offer. Here is everything you need to know before you key in.
The Quick Version
For those who like the headline first:
- ₦525 per share.
- Minimum 10 shares.
- Start from ₦5,250.
- Offer closes 13 October 2026.
- Subscribe through MyInvestar.
- No CSCS account or CHN? One will be created for you as part of the process on MyInvestar.
What Is the Dangote Refinery IPO?
An Initial Public Offering (IPO) is the process by which a private company sells shares to the public for the first time, allowing ordinary investors to buy a stake in it. That moment has now arrived for Dangote Petroleum Refinery and Petrochemicals FZE.
Dangote Petroleum Refinery & Petrochemicals FZE announced the commencement of its Initial Public Offering, marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets. The offer opened on September 14, 2026, consisting of 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms of the Prospectus.
So What Exactly Is Dangote Refinery?
Dangote Petroleum Refinery and Petrochemicals FZE owns and operates an integrated refining and petrochemical complex in Lagos. To put the scale in perspective:
- Nameplate refining capacity of up to 700,000 barrels of crude oil per day.
- Euro V-compliant petroleum products, including PMS and AGO.
- Polypropylene production capacity of up to 830,000 tonnes per year.
- Plans to expand refining capacity to approximately 1.4 million barrels per day by 2029.
This is not a small operation.
Why Is the Company Going Public?
The Offer is designed to broaden public ownership of the company and support its long-term growth strategy, including its planned refining capacity expansion to approximately 1.4 million barrels per day by 2029 and continued growth in its petrochemical business.
Who Can Subscribe?
Eligible retail investors can subscribe through approved electronic application channels. MyInvestar is one of them.
How Much Do I Need?
The minimum subscription is 10 shares at ₦525 each. Applications above the minimum must be in multiples of 10.
How Do I Subscribe Through MyInvestar?
Five steps. That is genuinely all it takes.
- Log in to the MyInvestar app. New here? Complete your onboarding and KYC first.
- Fund your MyInvestar wallet using the available funding options in the app.
- Select the Dangote Refinery IPO and enter the number of shares you want to subscribe for.
- Review your subscription details.
- Submit your application.
If you are an existing FAAM client, you may also be able to fund your subscription by liquidating an eligible existing investment within the MyInvestar app.
How do I subscribe for a Minor (Your child) Through MyInvestar?
MyInvestar also allows you to buy the public offer for a minor.
To do this:
- Click Buy for Minor.
- Enter the minors:
- Last name
- Date of birth
- Gender
- NIN
3. Click Continue to complete the purchase.
This gives parents and guardians an option to invest on behalf of a minor, subject to the applicable requirements.
What About a CSCS Account or CHN?
You will need one to hold your shares. But you do not need to have one already.
If you do not have a CSCS account or CHN, one will be created for you as part of the IPO subscription process on MyInvestar. Sorted.
What Happens After I Subscribe?
After the Offer closes, applications will be processed, and the basis of allotment will be determined in line with the Offer timetable and applicable approvals.
Successful applicants will receive their allotted shares, credited to their CSCS accounts, following the completion of the allotment process.
The shares are expected to be admitted to trading on the NGX after the relevant approvals and processes have been completed. Please refer to the Offer timetable for the latest indicative dates.
What If the Offer Is Oversubscribed?
If demand exceeds the number of shares available, the final allotment will be determined in line with the Basis of Allotment and the terms of the Offer. You may receive fewer shares than you applied for.
The Issuer may, subject to SEC approval, increase the size of the Offer by up to 30%.
The final allotment process will be communicated after the Offer closes.
Will I Receive Dividends?
Any future dividend payments will depend on the company’s financial performance, cash flow, capital requirements, and dividend policy. Dividends are not guaranteed.
What Is the Retail Investor Incentive Programme?
Here is a bonus worth knowing about.
Eligible retail investors who maintain the required continuous minimum shareholding may qualify for bonus shares under the proposed Retail Investor Incentive Programme.
The program provides for up to two bonus shares over the specified qualifying periods, subject to the terms of the Offer and the required approvals. Read the Prospectus for the full eligibility requirements and terms.
What Risks Should I Know About?
Every equity investment carries risk, and this one is no different. Some factors that may affect the company and the value of its shares include changes in crude oil and petroleum product prices, refining margins, currency movements, expansion and execution risks, competition, regulatory and tax changes, and broader market conditions.
The value of shares can rise or fall. Returns are not guaranteed.
For the full risk factors, read the Prospectus.
Before You Key In
We want you to invest with confidence, not with hype.
Before you make your decision, read the Prospectus and understand the company’s business and risk profile. Consider your own investment objectives and risk appetite. Avoid putting in money that is needed for essential expenses. Do not make your decision based solely on public conversation or social media chatter. And subscribe only through approved channels.
Make an informed investment decision.
Read the Prospectus.
Understand the terms and risks of the Offer before you subscribe.
Ready to key in?
