From Consumers to Shareholders: Inside the Dangote Refinery IPO and How to Participate

Nigeria’s capital market is set to experience a major milestone with the upcoming Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE. The company plans to offer 4.1 billion ordinary shares at ₦525 per share, raising roughly ₦2.15 trillion, or around $1.6 billion, should it be fully subscribed. This makes the IPO the largest in Africa to date. The offer opens on September 14, 2026, and closes on October 13, 2026, subject to the terms of the approved offer documents.

The minimum subscription is 10 shares, priced at ₦5,250 before any charges. This relatively low entry point aims to attract a broader range of investors, including Nigerians and other African investors. The Dangote Refinery, located in Lekki, has a refining capacity of approximately 650,000 barrels per day and has become a key player in Nigeria’s petroleum-products market since its operations began in 2024.

In the first half of 2026, the refinery generated $1.82 billion in profit, a significant improvement from a $476 million loss in the same period of 2025.

Plans are also underway to expand the refinery’s capacity to about 1.4 million barrels per day by 2029, effectively doubling its current capacity. This expansion, estimated at $14.3 billion, poses significant opportunities for investors looking to participate in the next phase of this industrial project. To subscribe to the IPO, investors can use the FSDH Capital App or Web Portal, both of which streamline the process, even for new investors.

Existing FSDH Capital investors can log in to the platform, select the “Explore IPO Offers” option, and then choose the “Dangote Refinery Offer.” They will need to provide bank details, complete a simple verification process using their BVN, and select the number of shares they wish to purchase. For those subscribing on behalf of a minor, additional documentation may be required.