NIGERIA · MARKETS
Key Facts
- What is happening Offer closed 27 October; the company plans to file its allotment with the regulator on 10 November.
- Why it matters The allotment decides how many shares each small saver gets and how much money comes back.
- The numbers 4.1 billion shares at about US$0.39 each, 10-share minimum, up to 30% more if regulators approve.
- Who is who Dangote Petroleum Refinery, founded by Aliko Dangote, can refine about 700,000 barrels of crude oil a day.
- What to watch Regulator approval, expected on 17 November, then the allotment announcement and the first trading day.
- What it means for you The offer is closed; shares are expected to trade on the Nigerian Exchange in Lagos after allotment.
Nigeria’s Dangote refinery closed its public share sale on 27 October, and the sharing out of shares comes next. The company plans to send its allotment proposal to the regulator on 10 November.
Dangote Petroleum Refinery closed its public share offer on Tuesday 27 October 2026, and its offer site says applications are being checked. The company has published no applicant count and no total for the money it received.
Figures such as 1.55 million online subscribers have circulated, but no official source has confirmed them. For US readers, what is confirmed is the timetable, the share-out rules and the terms.
What Happens Next
Nigeria’s Securities and Exchange Commission (SEC) must approve how the shares are shared out. Registrars check every application, then the issuing houses send the SEC a plan for who gets how many shares.
The company’s revised timetable, issued on 12 October, sends the draft allotment to the SEC on 10 November. It expects the regulator’s approval on 17 November.
An allotment announcement follows approval, and surplus or rejected application money is due back within five business days. Shares reach investors’ accounts at the Central Securities Clearing System (CSCS), Nigeria’s share depository, within 15 business days.
Trading is expected to start on the Nigerian Exchange (NGX), the Lagos stock exchange. The prospectus puts listing 15 business days after allotment, and no first trading day is announced.
How the Shares Will Be Shared Out
The prospectus offers 4.1 billion shares at 525 naira each (about US$0.39), worth 2.15 trillion naira (about US$1.6 billion) before costs. The minimum order is 10 shares, or 5,250 naira (about US$3.90).
If orders exceed the shares on offer, the company may take up to 30% more, subject to SEC approval. It sets a size below which orders are filled in full, and larger orders may be scaled back.
The prospectus says Pan-African Refinery Investment, a Mauritius-registered investment vehicle, committed to take up to US$400 million of the offer. That is about 25% of the total, and its order follows the same share-out rules.
Small investors who keep at least the minimum holding for 12 months can earn one free bonus share, if approvals are granted. A further 12 months earns a second free share, which is the maximum.
What the Company Has Confirmed
Dangote Petroleum Refinery and Petrochemicals runs a refinery in Nigeria that can process about 700,000 barrels of crude oil a day. Its share sale is an initial public offering (IPO), the first time the company has sold shares to the public.
The offer opened on 14 September and was due to close on 13 October. The company said the SEC approved a two-week extension to 27 October.
Chief executive David Bird said the company welcomed the regulator’s approval. The company cited strong interest from eligible investors across Africa and other regions.
On the closing date, the offer website said applications were being checked and gave no totals. It tells applicants to ask the bank, app or broker they used; Coronation Registrars holds shares for those without a depository account.
What It Means for You
The offer is closed, so a US reader cannot now apply. The shares are expected to trade on the NGX in Lagos after allotment.
Related Rio Times reports include Dangote Refinery Offer Draws 120 Countries and Dangote IPO Could Lift Nigeria Investors 3 to 5 Times. More coverage sits on the Nigeria hub and in Aliko Dangote Explained.
What Is Not Known
The company has not published how many people applied or the total value of orders. One unofficial tally puts online subscribers at 1.55 million and online orders above 860 billion naira (about US$640 million).
No official source confirms that tally, which also says retail investors could total five million. Other unofficial estimates put orders near 6.4 trillion naira (about US$4.8 billion), about three times the base offer.
None of these estimates is confirmed, and a figure of 120 countries attributed to the company is not on the offer website. The foreign share, the allotment split and the first trading day are not public, and timelines depend on SEC approval.
Frequently Asked Questions
How many people applied for the Dangote refinery IPO?
The company has not published a figure. Unofficial estimates of 1.55 million online subscribers have circulated, but no official source has confirmed them.
When did the Dangote refinery share offer close?
It closed on Tuesday 27 October 2026 after a two-week extension. The official offer site says applications are being checked.
What did Dangote refinery shares cost?
Each share cost 525 naira (about US$0.39), with a minimum order of 10 shares. That is 5,250 naira, or about US$3.90.
When will Dangote refinery shares start trading?
No date is confirmed. The timetable expects regulator approval on 17 November, and the prospectus puts listing 15 business days after allotment.
Sources: Dangote Petroleum Refinery and Petrochemicals, Public Offer Prospectus; Dangote Petroleum Refinery, official offer website, closing notice of 27 October 2026; Dangote Petroleum Refinery and Petrochemicals, statement on the extension of the offer, 12 October 2026; Securities and Exchange Commission, Nigeria; Central Bank of Nigeria, exchange rates (conversions at the Central Bank of Nigeria official rate of 1,345.76 naira per US$ on 30 October 2026, the latest published; all accessed 1 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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