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How to Buy Dangote Refinery Shares: IPO Extended to 27 October 2026

May 11, 2026 · updated 21 October 2026 Kobo Terminal Team 7 min read

The Dangote Petroleum Refinery IPO is the largest share sale in the history of the Nigerian Exchange. The company is selling 4.1 billion shares at ₦525 each, and the offer opened on 14 September 2026. Demand has been strong: Aliko Dangote said subscriptions were already three to four times the amount originally targeted when the extension was announced.

So why extend? The company says the extra two weeks are about the number of people who can take part, not the amount of money raised. It wants to widen distribution across Africa and give applicants time to finish account opening and identity checks. That last point is the one that matters for most Nigerian investors: if your CSCS or bank details are not in order, you now have until 27 October to fix them.

If you need a refresher on how the exchange itself works, read what the NGX is first. New to public offers entirely? Start with how to buy public offers, rights issues and IPOs in Nigeria.

The revised Dangote Refinery IPO timetable

These are the dates from the company's extension notice. They are indicative, and the company says they may move if any step takes longer than planned.

27 October is the last day to apply, not the first day of trading. Nobody can buy or sell Dangote Refinery shares on the NGX until the allotment is cleared and the shares are listed. We will update the Dangote Refinery share price page with the listing date as soon as it is confirmed, and it will switch to the live price on listing day.

How to buy Dangote Refinery shares, step by step

1. Check that your CSCS account is active and linked

The Central Securities Clearing System (CSCS) is Nigeria's electronic share registry. Allotted IPO shares are credited to your CSCS account, so without an active one you cannot take part.

If you already own Nigerian stocks, you have a CSCS number, but it may be dormant or tied to an old bank account. Check:

• Your CSCS account number and CHN (Clearing House Number). Your stockbroker can confirm both.
• That your CSCS account is linked to a bank account you still use. Accounts tied to closed bank accounts cause problems at allotment and refund.
• That your name, BVN and NIN match across your bank, broker and CSCS records.

If you have no CSCS account, open one through a licensed NGX dealing member. See our guide to getting a CSCS account in Nigeria. This can take a few days, so do it this week rather than on 26 October.

2. Choose where to apply

Every route ends in the same place: your shares are credited to your CSCS account. Pick the one you can finish fastest.

• The official offer portal (ipo.dangote.com). The company's own subscription site.
• NGX Invest (invest.ngxgroup.com). The exchange's platform for public offers. You register with your name, email, phone number, bank details, BVN and NIN, then link your CSCS account.
• Approved investment apps. Several Nigerian investing apps are taking applications for funded customers with a CSCS number. Confirm that your app is an approved channel for this offer before you pay.
• A licensed stockbroker. Your broker can subscribe on your behalf. See our list of licensed NGX stockbrokers.
• Receiving banks. The prospectus names the banks that accept applications.

Use only official channels. Do not send money to anyone who contacts you on WhatsApp or social media offering Dangote shares, and never share your PIN or one-time passwords.

3. Decide how much to apply for

The minimum is 10 shares (₦5,250), and applications go up in multiples of 10 shares. Payment is due in full when you apply. Before you choose a number, consider:

• Oversubscription. With demand already well above target, allocations are likely to be scaled back. If you apply for ₦500,000 of shares and the offer is heavily oversubscribed, you may receive only part of that. The basis of allotment in the prospectus sets out how scaling works.
• Your money is tied up. Application money is held until allotment and refunds are processed. On the current timetable that is at least until mid to late November.
• Concentration. One stock, however large, should not dominate your portfolio. Oil prices, operations and regulation all carry risk.

Set your number away from the social media noise and stick to it.

4. Read the prospectus before you pay

The prospectus is the legal document. Media figures for the refinery's valuation, the dollar dividend plan and expansion targets are either estimates or management statements. The prospectus is where the binding terms are. Read at least these sections:

• The dividend policy, and any conditions attached to paying dividends in US dollars
• The debt and repayment structure, and what it means for dividends in the early years
• The company's own risk factors
• The basis of allotment if the offer is oversubscribed
• The legal entity you are buying: Dangote Petroleum Refinery & Petrochemicals FZE, based in the Lekki Free Trade Zone

The prospectus (PDF) is published. If you are not used to reading filings, this guide on what corporate disclosures mean for investors will help.

5. Apply and pay before 27 October

Submit your application and complete payment before the offer closes on 27 October 2026. Keep your confirmation and payment receipt. Do not leave it to the final day: bank transfers, identity checks and platform traffic all slow down near a deadline.

6. Watch for allotment, refunds and listing

After the close, applications are collated (3 November), the basis of allotment goes to the SEC (10 November), and the SEC is expected to clear it on 17 November. If you receive fewer shares than you applied for, the difference is refunded to your bank account. Your allotted shares then appear in your CSCS account, and trading starts once the shares are listed on the NGX.

Follow confirmed sources only: SEC Nigeria (sec.gov.ng), the NGX (ngxgroup.com) and the company's official notices. Kobo Terminal tracks the listing and will show the live Dangote Refinery share price from the first day of trading.

Dangote Refinery is not Dangote Sugar or Dangote Cement

Three Dangote group companies already trade on the NGX: Dangote Cement (DANGCEM), Dangote Sugar Refinery (DANGSUGAR) and NASCON Allied Industries. Dangote Sugar refines sugar, not petroleum. Buying any of these does not give you shares in the oil refinery, which is a separate company coming to the market for the first time through this IPO.

Frequently asked questions

Has the Dangote Refinery IPO been extended?

Yes. The SEC approved an extension, so the offer now closes on 27 October 2026 instead of 13 October 2026.

What is the minimum investment in the Dangote Refinery IPO?

10 shares at ₦525 each, which is ₦5,250. Larger applications go up in multiples of 10 shares.

When will Dangote Refinery shares start trading?

After the allotment is cleared by the SEC, which the revised timetable puts at about 17 November 2026. No listing date has been confirmed yet.

Can I buy Dangote Refinery shares after the IPO closes?

Not until the shares list on the NGX. After listing, you can buy them through any licensed stockbroker or investment app at the market price, which can be above or below ₦525.

Is Dangote Sugar the same as Dangote Refinery?

No. Dangote Sugar Refinery (DANGSUGAR) is a separate, already listed sugar company. The petroleum refinery is a different company.

This article is for information only and is not investment advice. Read the official prospectus before you invest.

Kobo Terminal is a Nigerian stock market intelligence platform. Track NGX data (30-min delayed), market movers and corporate actions at koboterminal.com.