Dangote IPO Allotment Awaits SEC Nod
Dangote's refinery share sale closed on 27 October 2026. The allotment goes to the regulator on 10 November, with approval expected on 17 November. The post Dangote IPO Allotment Awaits SEC Nod appeared first on The Rio Times .
Nigeria's Dangote refinery completed its public share sale on 27 October 2026, and the distribution of shares is next on the agenda. The company intends to submit its allotment proposal to the regulator by 10 November 2026. Dangote Petroleum Refinery concluded its public share offer on Tuesday 27 October 2026, and its offer site reports that applications are being reviewed.
The company has not disclosed the number of applicants or the total amount received. Circulated figures, such as 1.55 million online subscribers, have not been officially confirmed. For US readers, the key information includes the timetable, share-out rules, and terms. The Nigeria Securities and Exchange Commission (SEC) must approve how the shares are distributed.
Registrars review each application, and the issuing houses submit a plan to the SEC regarding the allocation of shares. The company's revised timetable, issued on 12 October, states that the draft allotment will be sent to the SEC on 10 November 2026. Approval from the regulator is anticipated on 17 November 2026. The subsequent announcement of the allotment will follow, and any surplus or returned application money should be returned within five business days.
The shares will reach investors' accounts at the Central Securities Clearing System (CSCS), Nigeria's share depository, within 15 business days. Trading is expected to commence on the Nigerian Exchange (NGX), the Lagos stock exchange. The prospectus states that 4.1 billion shares will be offered at 525 naira each (approximately US$0.39), totaling 2.15 trillion naira (about US$1.6 billion) before expenses.
The minimum order is 10 shares, or 5,250 naira (approximately US$3.90). If orders surpass the shares available, the company may acquire up to 30% more, subject to SEC approval. The prospectus specifies that Pan-African Refinery Investment, a Mauritius-registered investment vehicle, has committed to purchasing up to US$400 million of the offer, representing roughly 25% of the total, and adhering to the same share-out regulations.
Small investors who maintain the minimum holding for 12 months can receive one free bonus share if approvals are granted. Additional 12 months earn a second free share, which is the maximum. Dangote Petroleum Refinery and Petrochemicals operates a refinery in Nigeria capable of processing around 700,000 barrels of crude oil daily.
This share sale represents the company's initial public offering (IPO), marking its first public share sale to the public. The offering opened on 14 September and was due to conclude on 13 October 2026, with the SEC approving a two-week extension to 27 October. Dangote Petroleum Refinery and Petrochemicals' CEO, David Bird, expressed gratitude for the regulator's approval, citing strong interest from eligible investors across Africa and other regions.
On the closing date, the offer website indicated that applications were being reviewed and provided no totals. Applicants are advised to contact their bank, app, or broker for further information. The offer has now closed, so new applications are no longer being accepted. The shares are anticipated to trade on the NGX in Lagos following allotment.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
