⏳ Subscription Window Opens In
00
Days
:
00
Hours
:
00
Mins
:
00
Secs
Window extended to October 27, 2026
✅ Refinery Construction Completed
Done
2024
The $20 billion Dangote Petroleum Refinery — the largest single-train refinery in the world — began production. Located in Lekki Free Zone, Lagos.
Capacity: 650,000 barrels per day — now supplying 90%+ of Nigeria's petrol
Built by Aliko Dangote over 10+ years
Largest private sector investment in sub-Saharan Africa
✅ Private Placement Completed
Done
2024 – Early 2026
Shares offered exclusively to institutional and high-net-worth investors before the public IPO. Demand was extraordinary.
3.7× oversubscribed — demand far exceeded supply
Femi Otedola committed $100M — sold entire Geregu Power stake to fund it
NNPC invested $1B — now worth approximately $2.84B
PenCom issued circular approving it for pension funds
Company valuation at placement: approximately $39.1 billion
✅ Transaction Team Appointed
Done
Early 2026
All advisers, issuing houses, brokers, lawyers, and accountants officially appointed by Dangote Refinery.
Lead Issuing House: Stanbic IBTC Capital
Joint Issuing Houses: Vetiva Advisory · FirstCap Limited
Joint Stockbrokers: Zedcrest Securities (retail focus)
Reporting Accountants: Appointed and auditing
✅ Prospectus Filed with SEC Nigeria
Done
April 2026
The complete IPO prospectus — containing full financial statements, risk factors, offer details, and subscription process — was submitted to the Securities and Exchange Commission of Nigeria for formal review.
Documents include 3 years of audited financial statements
Risk factors, dividend policy, and use of proceeds all disclosed
JSE, NSE, GSE, ESX, and BRVM secondary listing filings also submitted
⏳ SEC Nigeria Review — In Progress
In Progress
April 2026 → LIVE — October 2026
SEC Nigeria is conducting its formal review of the prospectus. This is a mandatory legal step — no money can be collected from investors until SEC gives its approval.
SEC checks: accuracy of all disclosures · regulatory compliance · investor protection
SEC may request additional information or clarifications
Approval gives the IPO full legal validity across Nigeria
This is your window to prepare — open your account NOW
🔜 SEC Approval & Prospectus Published
Coming Soon
LIVE — October 2026
Once SEC approves, the prospectus becomes publicly available. The exact IPO offer price, number of shares, and subscription instructions are officially announced.
Offer price confirmed (estimated ₦620–₦780 per share)
Total shares available for public subscription announced
Official subscription open date confirmed
🔜 Roadshow & Book Building
Coming Soon
LIVE — October 2026
Dangote management presents to institutional investors across Lagos, Abuja, London, and Johannesburg. Final pricing confirmed through book-building process.
Management presents financials and growth story to major funds
Institutional demand measured — final offer price set
Pan-African roadshow: Nigeria · South Africa · Kenya · UK
🔜 Subscription Window Opens
Coming Soon
LIVE — October 2026 — Duration: Extended to 27 October 2026
The window is OPEN and has been EXTENDED to October 27, 2026. Subscribe through any licensed broker or ipo.dangote.com before the deadline.
Apply as early as possible — first come, first served for some allocations
Submit application through your broker's app or portal
Your wallet must be funded before applying
Window EXTENDED — now closes October 27, 2026. No further extensions expected.
🔜 Allotment & Refunds
Coming Soon
Expected: 4–8 weeks after October 27, 2026
Shares are distributed to successful applicants. Unallotted funds are refunded. Your letter of allotment confirms exactly what you received.
Expect proportional allotment if IPO is oversubscribed
Refunds processed within 4–8 weeks of window closing
Allotted shares appear in your CSCS account
🔜 Listing Day — NGX Primary Listing
The Big Day
Expected: Q4 2026
Dangote Refinery shares begin trading on the Nigerian Exchange. The market determines the price from this moment forward. Secondary listings on JSE, NSE, GSE, ESX, and BRVM follow.
NGX: Primary listing — Nigeria
JSE: Secondary listing — South Africa
NSE: Secondary listing — Kenya
GSE: Secondary listing — Ghana
ESX: Secondary listing — Ethiopia
BRVM: Secondary listing — 8 West African countries
NGX circuit breaker: max ±10% price movement per session
What To Do Right Now
The window is open. Use this time wisely — don't wait — window closes October 27.
1
Open a brokerage account with one of the 4 appointed brokers2
Get your CHN (Clearing House Number) and CSCS account3
Fund your brokerage wallet — money must be ready before the window4
Read the Playbook — understand exactly how to subscribe5
Follow the Rise With Stocks channel for real-time updatesGet the Complete IPO Preparation Guide
70 pages. Everything from account opening to listing day strategy. Written for everyday African investors.
Get the Playbook — ₦4,500 →