In short: The Dangote Refinery IPO opens on 14 September 2026 at a fixed price of ₦525 per share, with a minimum application of 10 shares (₦5,250). You apply through a licensed platform like Bamboo, which needs a funded account and a CSCS number, both set up in the app. Payment is due in full on application, and the shares list on the NGX after the offer closes. This is general information, not advice; read the prospectus before you apply.
The wait is over. After months of anticipation, the Dangote Petroleum Refinery and Petrochemicals IPO is now confirmed. Following approval from the Securities and Exchange Commission and the release of the offer prospectus on 7 September 2026, the subscription window opens on 14 September 2026. This is a live offer with a fixed price and a firm timetable, so the preparation that used to be “get ready for later” is now “get ready this week.”
This guide covers the confirmed offer details, what you need in place to apply, how to do it through Bamboo, and what happens between application and allotment. It is general information, not investment advice, and the prospectus is the only document that governs the offer, so read it before you apply. If you are new to IPOs, our guide on what an IPO is covers the basics.
The Dangote Refinery IPO: confirmed offer details
Here is what the offer confirms, based on the prospectus released on 7 September 2026:
- Subscription opens: 14 September 2026
- Subscription closes: 13 October 2026
- Price: ₦525.00 per share, at a fixed price
- Shares on offer: 4,100,000,000 (4.1 billion) ordinary shares
- Minimum application: 10 shares, which costs ₦5,250, with further applications in multiples set out in the prospectus.
- Potential size: about ₦2.15 trillion if fully subscribed
- Payment: due in full at the time of application
- Listing: on the Main Board of the Nigerian Exchange after the offer closes
- Oversubscription: the issuer may absorb up to 30% above the offer size, subject to SEC approval
At ₦2.15 trillion, this is on track to be one of the largest public share offerings in Nigerian and African history. The refinery has been valued at around $40 billion, and this offer is the first tranche of a wider intended raise. The confirmed ₦525 price means you no longer need to guess: you can work out exactly how much your application will cost before the window opens.
What you need before you apply
To apply for the Dangote Refinery IPO, three things must be in place, and none can be arranged on the day. With the window opening on 14 September, set them up now.
A licensed, SEC-registered investment account
You need an account with a licensed broker or investment platform registered with the Securities and Exchange Commission and connected to the NGX subscription process. This is where your application funds sit at submission and where your allotted shares are credited if you are successful.
Bamboo is a SEC-registered platform with access to the NGX primary market, and it supports public-offer subscriptions directly. If you do not already have an account, you can download the Bamboo app and complete onboarding in minutes. You will need a valid means of identification and a Bank Verification Number.
A word of caution: the SEC warned in mid-2026 against anyone soliciting advance subscriptions before the prospectus existed. Now that the prospectus is out and the official window opens on 14 September, only apply through the official channel, and be wary of anyone offering to “reserve” shares outside it. Our guide on avoiding stock scams explains why.
A CSCS account
The Central Securities Clearing System (CSCS) records share ownership in Nigeria, and your CSCS number is how the registrar identifies you when allotting shares. If you already invest in Nigerian stocks through Bamboo or another licensed broker, your CSCS account already exists, and you can find the number in the Bamboo app under your profile. If you are new, opening a Bamboo account creates your CSCS account automatically, with no separate paperwork. Applications without a valid CSCS number cannot be processed, so confirm yours before the window opens.
A funded account
Payment is due in full at the time of application, so the money must be in your account when you apply. Now that the price is confirmed at ₦525 per share, you can calculate your amount precisely: 10 shares costs ₦5,250, 100 shares costs ₦52,500, and so on. Fund your Bamboo account ahead of 14 September so you are not caught by a transfer delay during a high-demand offer.
Dangote has confirmed that shares are bought in naira. The proposed option to receive dividends in US dollars is a post-purchase feature, covered below, not something you choose at the point of application.
Understanding the offer before you apply
Knowing how to apply is half of it. Understanding what you are applying for shapes how much you apply for and what to check in the prospectus.
The dual-currency dividend
One distinctive feature is the proposed arrangement allowing shareholders to choose dividends in either naira or US dollars, because the refinery earns substantial foreign currency through exports. If confirmed as structured, it would make Dangote Refinery one of the few NGX stocks offering a naira-denominated equity position with the option of dollar-denominated income, which matters in an environment of naira depreciation. This feature is subject to the terms in the prospectus, so confirm the details there rather than relying on summaries.
The NNPC stake
The Nigerian National Petroleum Company Limited holds a pre-existing minority equity stake in the refinery, taken during construction. It is not being sold as part of this IPO, and it reflects an alignment of interests between the state and the company that may bear on long-term arrangements such as crude supply.
Read the prospectus
The prospectus is the only document that governs the offer. It confirms the price, the minimum and increments, the closing date, the allotment basis, the full financials, and the dividend terms. Our guide on how to read an IPO prospectus walks through what to look for. Do not apply on the basis of media reports or social-media flyers; rely on the official document.
Step by step: how to buy Dangote Refinery IPO shares on Bamboo
Once your account, CSCS number, and funds are in place, applying is straightforward.
- Download the Bamboo app and complete onboarding. If you do not have an account, download it here. Onboarding needs a valid phone number and your BVN. Verify your identity and activate your Nigerian stocks account to get your CSCS number.
- Fund your account. In the wallet section, fund your account ahead of 14 September. Do not leave funding to the last day of a high-demand offer.
- Read the prospectus. Confirm the price (₦525), the minimum and increments, the closing date, and the terms directly from the official prospectus before you apply.
- Apply when the window opens. From 14 September, the Dangote Refinery offer appears in the Nigerian stocks section of the app. Select it, enter the number of shares you want (a minimum of 10), review the total cost, and submit. Bamboo handles the submission to the registrar; there are no physical forms.
- Await allotment. After the window closes, the registrar processes applications and confirms your allotment. If the offer is oversubscribed, you may receive fewer shares than you applied for, with the balance refunded to your Bamboo wallet.
What happens after you apply
Once the window closes on 13 October, no new applications are accepted, and the registrar compiles and processes all applications.
Allotment. Shares are allotted according to the prospectus. If the offer is oversubscribed, which is widely anticipated, shares are typically distributed proportionally, so each applicant receives a scaled portion of what they applied for, though a ballot can also be used. Our guide on what happens when an IPO is oversubscribed explains the mechanics, and how long allotment takes covers the timeline.
Refunds. If you were allotted fewer shares than you paid for, the balance is refunded, credited directly to your Bamboo wallet where it is available for other investments.
Listing day. When the shares begin trading on the NGX Main Board, your allotted shares appear in your Bamboo portfolio, and you can hold them long term or trade them like any other listed stock.
What to do right now
The window opens on 14 September 2026, so the time to prepare is now, not on the day. Three steps, none of which require anything you do not already have: open your Bamboo account if you do not have one, confirm your CSCS number in the app, and fund your account with at least the amount you plan to apply for. With the price confirmed at ₦525, you can size your application precisely. Download Bamboo and complete your setup today, or explore Nigerian stocks on Bamboo first.
Common mistakes that cost investors their allocation
- Leaving setup too late. Account verification and CSCS setup take time. Starting once the offer is live risks still onboarding when the window closes.
- Not confirming your CSCS number. An unverified or incorrect CSCS number invalidates your application. Confirm it in the app before 14 September.
- Applying through unofficial channels. The SEC warned against advance-subscription solicitations before the prospectus. Apply only through the official window from 14 September, through a licensed platform.
- Underfunding your account. If your account is short of your intended application amount, the application can fail. Fund a little above what you plan to apply for.
- Missing the closing date. IPO windows are firm deadlines and do not extend because demand is high. Set a reminder for 13 October 2026, the closing date.
Frequently asked questions
When does the Dangote Refinery IPO open? The subscription window opens on 14 September 2026, following SEC approval and the release of the prospectus on 7 September 2026. It closes on 13 October 2026.
How much are Dangote Refinery IPO shares? The offer is priced at a fixed ₦525.00 per share. The minimum application is 10 shares, which costs ₦5,250, with further applications in multiples set out in the prospectus.
How do I buy Dangote Refinery IPO shares? You need a funded account with a licensed, SEC-registered platform like Bamboo, a confirmed CSCS number, and valid ID. From 14 September, select the offer in the Nigerian stocks section of the app, enter your number of shares, and submit, with payment due in full on application.
Can I buy the shares on my phone? Yes. Bamboo is a mobile-first platform and supports IPO subscriptions directly from the app. Download the Bamboo app here.
Will I definitely get the shares I apply for? Not necessarily. If the offer is oversubscribed, which is anticipated, shares are allotted on a proportional or ballot basis, so you may receive fewer than you applied for. Any excess is refunded to your Bamboo wallet.
Can I receive dividends in US dollars? Dangote has proposed a dual-currency dividend option allowing shareholders to choose naira or US dollar dividends. The shares are bought in naira regardless. Confirm the dividend terms in the prospectus.
Is investing in this IPO a good idea? That depends on your own goals, circumstances, and research, and this guide cannot tell you whether to invest. Read the prospectus in full, consider the risks, and if you are unsure, speak to a qualified professional. Bamboo does not provide investment advice.
Important: This article is for general educational purposes only and does not constitute investment, financial, or tax advice, nor a recommendation to apply for the Dangote Refinery IPO or any other offer. Bamboo is a SEC-registered, investment platform. Investing carries risk, the value of investments can go down as well as up, and you may get back less than you invest. The offer prospectus is the only authoritative source of the offer terms; read it before applying. If you are unsure, seek advice from a qualified professional.
The window opens 14 September 2026. Download Bamboo and get ready, or explore Nigerian stocks on Bamboo.
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