The price is fixed at ₦525 a share, and investors applying during the IPO window must pay when the application goes in.
By Frank Ulom
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Published on September 10, 2026
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3 min read
The Dangote Refinery IPO which is one of Nigeria’s largest ever share sales, opens on Monday 14 September 2026 and closes on Tuesday 13 October 2026.
THE BASIC FACTS
The price is fixed at ₦525 a share, and investors applying during the IPO window must pay when the application goes in. There is no bidding, and no discount for anybody. The company is selling 4.1 billion shares, which brings in ₦2.15 trillion if all of them are taken.
The smallest amount an ordinary investor can put in is ₦5,250, which buys 10 shares. Hold those shares for a fullyear and one extra share arrives free, with a second after another year, subject to approval.
Aliko Dangote has said the shares will be bought in naira and the dividends paid in dollars.
WHAT IS GETTING FAR LESS ATTENTION
Applications rise in tens. Past the first 10 shares, an application goes up in steps of 10 shares. So as a retail investor, you can only buy 10, 20, 20, 40 ,50 shares and so on.
Only about 3.3% of the company is being sold. Dangote’s earlier public framing was that 10% would go to the public. The final figure is 4.1 billion shares out of the 124.23 billion that will exist once the sale closes, which comes to 3.3%, or about 4.25% if the company takes up the extra shares it is permitted to sell into heavy demand.
The IPO is primarily being used to fund growth, not for private investors to cash out. The cash raised goes into the expansion of the refinery, ₦686.5bn into the processing units, ₦841bn into power, water, and storage, and ₦583.5bn into construction. Existing owners are not selling shares and walking away with the money. Share sales of this size are usually at least partly an exit for the people who built the thing but this one is not.
The dollar dividend has not been approved. It still needs sign-off from both the SEC and the Federal Ministry of Finance, and neither has confirmed it. There is also no published policy yet on how much of the profit will be paid out, or when a first payment would land. And dollars protect the income, not the price. The shares themselves are bought, priced, and sold in naira, so a weaker naira still cuts what the holding is worth.
The large-investor door is a separate one. Institutions and wealthy individuals have to apply for at least 50,000 shares, roughly ₦26.25mn. No portion of the sale has been publicly set aside for small investors, so applications may be cut back if demand runs heavy.
As an investor, beware of scams. Nobody can promise guaranteed shares, because they are shared out at the company’s discretion after the sale closes. Applications go through a licensed broker, a bank taking applications for the offer, or a platform like Bamboo named in the offer documents.
