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Subscription window opens: September 14, 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 — APPROVED
Completed
April 2026 → September 14, 2026
SEC Nigeria has formally approved the IPO. The approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by Abdulkadir Abbas, Director of the Securities and Investment Services Department of the SEC.
✅ Offer price confirmed: ₦525 per share ($0.40)
✅ 4.1 billion ordinary shares approved for public offering
✅ Potential raise: ₦2.15 trillion if fully subscribed
✅ 15% green shoe (over-allotment) option approved for institutional investors
✅ 120.13 billion existing shares also registered with SEC
✅ SEC Approval Granted & Prospectus Published
Completed
September 14, 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 (SEC approved: ₦525 per share ($0.40))
Total shares available for public subscription announced
Official subscription open date confirmed
⏳ Roadshow & Book Building — In Progress
Active Now
September 14, 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
Opens: September 14, 2026
The moment you have been preparing for. The window opens and ordinary investors across Africa can submit their applications through licensed brokers.
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 closes on a fixed date — no late applications accepted
🔜 Allotment & Refunds
Coming Soon
Expected: 2–4 weeks after window closes
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 until October.
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 →