The Dangote Refinery IPO opens on 14 September 2026 and closes on 13 October 2026, and each share costs ₦525 each. The minimum application is 10 shares, which is ₦5,250. You can apply through Cowrywise, which is listed in the SEC-cleared prospectus as an electronic application channel.
That’s the short version. Here’s the rest.
Dangote IPO at a glance
| Company | Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) |
| Offer type | Offer for subscription, fixed price |
| Offer price | ₦525 per share |
| Minimum application | 10 shares (₦5,250), then multiples of 10 |
| Shares on offer | Up to 4.1 billion (about 3.3% of the company after the offer) |
| Gross proceeds | ₦2.1525 trillion |
| Estimated net proceeds | ₦2.111 trillion, after about ₦41.5 billion in offer costs |
| Shares in issue before the offer | 120.13 billion |
| Implied market value at ₦525 | About ₦65.2 trillion |
| Application window | 14 September to 13 October 2026 |
| Allotment | SEC no-objection expected around 11 November 2026 |
| Expected NGX listing | 15 business days after allotment; likely early December 2026 if the indicative timetable holds |
| Use of IPO proceeds | Part-funding the expansion from about 700,000 to 1.4 million barrels a day |
Source: DPRP IPO prospectus. Dates are indicative and can move.
What is the Dangote IPO?
The Dangote IPO is the public offer of up to 4.1 billion shares in Dangote Petroleum Refinery and Petrochemicals FZE, the company that owns and runs the Dangote Refinery in Lekki, Lagos. At ₦525 a share, it is looking to raise ₦2.1525 trillion before expenses.
It is not an IPO for Dangote Cement, Dangote Sugar or Dangote Industries. Those are separate companies. The one listing is the refinery.
What company are you buying in the Dangote IPO?
The refinery started running in February 2024. It was designed for 650,000 barrels a day and was rerated to 700,000 in July 2026. Between January and June this year, it supplied about 81% of Nigeria’s petrol, according to CardinalStone. It also exports fuel to Europe, Asia and other African countries.
It only just became profitable. DPRP lost about $1.5 billion in 2024 and another $476 million in 2025 while it was still ramping up. Then in the first half of 2026, revenue hit ₦19.1 trillion, and profit after tax came in at ₦2.5 trillion, about $1.8 billion. A lot of that came from unusually high global refining margins during the Middle East crisis earlier this year, and those margins have since eased. One strong half-year is not a track record.
It is raising money to double in size. The plan is 1.4 million barrels a day by 2029, which would make it the largest refinery on a single site anywhere in the world. The whole programme is estimated at $14.3 billion. The IPO pays for part of it. The rest is expected to come from the company’s own cash flow and other financing.
What is Dangote Refinery worth?
CardinalStone, a Nigerian investment bank, has put a 12-month target price of ₦688.09 on the shares. From ₦525, that works out to 31.1% capital appreciation, plus an expected dividend yield of about 8.5%, for a projected total return of 39.6%.
There are two things you should bear in mind: CardinalStone is also one of the joint issuing houses on this IPO, so it has a relationship with the offer; its report states that the analysts’ views are independently determined. And a target price is a forecast. Plenty of Nigerian IPOs have ended up trading below what people paid for them.
The prospectus says DPRP intends to declare dividends in US dollars, subject to regulation and its financing covenants, and may pay them in dollars or naira. No dividend has been declared yet.
Is the Dangote IPO a good investment?
Nobody can answer that for you. What you’d be buying is a business that matters a great deal to Nigeria, has just turned profitable, and is about to spend $14 billion getting bigger. What you’d be taking on is commodity risk, execution risk, currency risk and policy risk, all at the same time.
Refining margins swing. H1 2026 profit was boosted by an estimated gross refining margin of $30.70 a barrel, up from $13.70 in 2025 (CardinalStone). If margins normalise, profit falls.
Foreign exchange. About 56% of revenue is currently in naira, while roughly 70% of feedstock costs are in foreign currency. A weaker naira squeezes margins, though the company has some natural hedges.
Execution. Doubling the world’s largest single train refinery on schedule is not a given.
Policy. Fuel pricing, crude supply arrangements and the 15% import duty on refined products can all change with government decisions. CardinalStone specifically flags the risk that political pressure reverses the import duty or the fuel pricing reforms.
A thin float. Only about 3.3% of the company is being sold. Dangote Group companies keep control, and a small float can mean volatile trading after listing.
₦5,250 is a low bar to get in. That doesn’t make it the right call for everyone. Only put in money you can afford to leave exposed to the market, and don’t borrow to do it.
Do Dangote IPO investors get free bonus shares?
Possibly, but the incentive is small. The prospectus describes a retail incentive: hold at least 10 shares continuously for 12 months after allotment, and you may get one extra share free, and another after a second 12 months. It is capped at two bonus shares per person no matter how many you hold, so the most it can be worth is ₦1,050 at the offer price. It also still needs shareholder, SEC, OGFZA and NGX approval. Don’t buy because of it.
How to buy Dangote IPO shares on Cowrywise
- Log in and tap Invest.
- Open the NG Stocks card.
- Tap the + icon at the top right.
- Under the Offers tab, select the Dangote IPO.
- Read the offer details and the deal documents on that screen. The prospectus is there; read the risk factors at least.
- Tap Buy now and enter either the number of shares (minimum 10, in multiples of 10) or the amount you want to invest.
- Pay by bank transfer, from your Naira Stash, or by instant debit from your linked bank account.
Do this before the offer closes on 13 October 2026. Late applications are rejected.
The app makes buying easy. The judgement is still yours.
What happens after you apply?
The offer closes on 13 October 2026.
Then allotment. The issuer proposes a basis of allotment and the SEC signs off, expected around 11 November. If the offer is oversubscribed, the issuer sets a full allotment threshold. Valid applications at or below it are expected to be filled in full; larger ones may be scaled back.
Any money not used comes back to you within five business days of allotment.
Finally, shares and listing. The indicative timetable puts both the crediting of CSCS accounts and the start of NGX trading at 15 business days after allotment, which points to early December 2026 if nothing slips.
