What is an IPO?
An Initial Public Offering (IPO) is the first time a company offers its shares for sale to the public. When you buy shares, you become a part-owner of that company. If the company performs well, the value of your shares may grow and you may earn dividends though, as with any investment, there's no guarantee of this.
What is the Dangote Refinery IPO?
It's an offer inviting members of the public to buy shares in Dangote Petroleum Refinery & Petrochemicals FZE ("DPRP"), the company that owns and runs Africa's largest oil refinery, located in Lagos. This is a brand-new share issue, the money raised goes directly to the company to help fund its growth plans.
What is the offer price?
₦525.00 per share. This is a fixed price for every investor who pays the same amount.
How many shares are being offered?
4,100,000,000 ordinary shares of US$0.000013 each
What is the minimum subscription?
10 shares, in multiples of 10 thereafter. At ₦525 per share, that's the minimum investment of ₦5,250.
When does the offer open and close?
The offer opens on **14 September 2026 and closes on 13 October 2026.
How much is being raised through the Offer, and what will it be used for?
The Offer aims to raise ₦2.1525 trillion, which will partly fund DPRP's ongoing expansion of its refining and petrochemical capacity.
Why Should I Consider Participating?
You become a shareholder, a part-owner of DPRP. This comes with the potential to benefit financially if the company does well, but also the risk of loss if it doesn't. Share prices can go up or down.
What are the potential benefits?
Two main ones: possible dividends (a share of company profits, if and when declared) and , capital appreciation(selling your shares later at a higher price than you paid, if the share price rises after listing).
Can I earn dividends?
Yes, if DPRP declares them. Whether and when this happens depends on the company's profitability, cash flow, and Board decisions — there's no guaranteed start date. Dividends may be paid in US Dollars, Naira, or another currency.
Can I benefit if the share price increases?
Yes, once listed on the NGX, you can sell your shares through a stockbroker for a profit if the price has risen. This isn't guaranteed, as prices can also fall.
Is there an incentive programme for retail investors?
Yes, subject to regulatory approval. If you subscribe for at least the minimum (10 shares) and hold them continuously for 12 months, you become eligible for 1 free bonus share. Holding for a further 12 months earns 1 more (maximum 2 bonus shares in total). This programme still requires shareholder and regulatory sign-off, so it isn't guaranteed to proceed.
Who Can Participate?
Individual (retail) investors and institutional investors based in Nigeria, as well as eligible investors in the Nigerian diaspora and certain other African countries.
Can Access Bank customers participate?
Yes, via the AccessMore App, the IPO Web Portal, or any Access Bank branch.
Can non-Access Bank customers participate?
Yes, through the Access IPO Web Portal or by visiting any Access Bank branch. (The AccessMore App is only available to existing Access Bank customers.)
Can corporate entities participate?
Yes, through approved account and stockbroker arrangements via Access Bank's IPO channels.
Can Nigerians in the diaspora participate?
Yes, provided you have a valid BVN and bank account, and apply through an approved channel.
Who cannot participate?
The Offer is not being marketed to investors in the United States, United Kingdom, Canada, Australia, or Japan.
How to Subscribe Through Access Bank
You can apply through any of these three channels:
- AccessMore App (existing Access Bank customers)
- Log in to AccessMore → Wealth Management → IPO → Dangote Refinery IPO → enter the number of shares you want → confirm and complete payment → receive your transaction confirmation.
- IPO Web Portal (open to everyone both Access Bank customers, non-customers, and investors within or outside Nigeria)
- Visit the portal → verify your identity using your BVN or Shareholder ID/CHN (an OTP is sent to your email or phone) → enter your subscription details → select Access Bank as your payment channel → confirm payment → receive your transaction confirmation.
- Any Access Bank branch: Visit a branch → request assistance with your IPO subscription → provide your personal and subscription details → make payment via transfer or cash (subject to branch authorization) → receive your transaction confirmation. Branch applications go through a dual-authorization (maker-checker) check before final submission.
What information do I need?
- A valid bank account
- Bank Verification Number (BVN)
- A CSCS account and CHN are helpful but not required.
Do I need a CSCS account?
No, it isn't compulsory. If you already have one, you can provide it. If not, you'll be asked to choose a stockbroker, and a CSCS account will be opened for you as part of processing your application.
Do I need a CHN (Clearing House Number)?
No. As with a CSCS account, it's helpful if you have one, but you can still complete your subscription without it.
How do I pay?
Payment is made in full at the point of application, using whichever method your chosen channel supports (AccessMore App, Access bank IPO Web Portal, or branch transfer/cash). If you don't have sufficient funds, you'll be notified and can adjust the number of shares or fund your account before retrying.
Can I apply on behalf of someone else?
Yes, via the AccessMore App, using the other person's BVN. You'll need to enter their date of birth to verify their identity. If it doesn't match Access Bank's records, you'll be asked to try again; repeated mismatches may temporarily restrict this feature.
Can I submit multiple applications?
Yes, you can submit more than one application. However, once an application is successfully submitted, it cannot be modified or cancelled, so please review your details carefully before confirming.
How do I know my application was successful?
You'll receive an on-screen confirmation and a downloadable receipt showing your name, number of shares applied for, amount paid, reference number, and the date and time of the transaction. If you don't receive this, check your SMS and email (including spam/junk) before contacting Access Bank for support. If your transaction fails or you notice incorrect details after submitting, contact Access Bank straight away for help.
After I Apply
What is allotment?
Allotment is the process of deciding how many shares each applicant actually receives. It follows a "Basis of Allotment," which must be approved by the SEC.
Will I receive all the shares I applied for?
Not necessarily. If demand exceeds supply, an allotment threshold is set: applications below it are fulfilled in full, while larger applications may be scaled back proportionally.
What happens if the IPO is oversubscribed?
DPRP can accept up to 30% more applications than originally offered, subject to SEC approval. Beyond that, available shares are allocated fairly among applicants, which may mean receiving fewer shares than requested.
When will my shares be credited?
Within 15 business days after the SEC approves the Basis of Allotment, your shares will be credited to your CSCS account.
What happens to excess funds if I'm not fully allotted?
Any unused or excess payment is refunded in Naira, to the account or channel you used to pay, within 5 business days of the offer closing (subject to allotment and regulatory reconciliation).
When can I sell my shares?
Once your CSCS account is credited and DPRP is officially listed on the NGX, you're free to sell through your stockbroker (or a digital trading portal, where your broker offers one).
Where will the shares trade?
On the Main Board of the Nigerian Exchange (NGX), shortly after the SEC clears the Basis of Allotment.
Important Things to Know
Where can I get the Prospectus?
Through Access Bank's IPO channels (AccessMore App, Web Portal, or any branch), or via the Enterprise's website at https://refinery.dangote.com/. It's the most important document to read before investing.
Does SEC approval mean this is a safe investment?
No. SEC registration confirms the Prospectus meets legal and regulatory requirements — it isn't an endorsement or recommendation of the shares. The decision to invest is yours alone.
Will I be taxed on dividends?
Yes , a 10% withholding tax applies at source under Nigerian law (a reduced treaty rate may apply for some non-resident investors). Speak to a tax adviser for guidance specific to you.
Will I be taxed if I sell my shares at a profit?
Possibly, depending on the transaction and your investor status. Please consult a tax adviser.
Who do I contact for help?
For questions about your Access Bank application, contact Access Bank support at (insert email) or (insert phone number). For questions about the Offer itself, you can also reach any Issuing House, Stockbroker, or Receiving Bank listed in the Prospectus.
