Here is a simple guide to what you need to know before putting your money into the Dangote Refinery IPO

September 10, 2026

Here is a simple guide to what you need to know before putting your money into the Dangote Refinery IPO.

1. Open a stockbroking account

You cannot simply walk into Dangote Refinery and ask to buy shares. You need a stockbroker or securities dealer to do that for you. Think of a stockbroker as the middleman who helps you buy and sell shares on the Nigerian Exchange. If you already invest in Nigerian stocks, you may already have one. If not, you can open an account with a licensed stockbroker, and many brokers allow you to do this online. You will typically need your BVN, a valid means of identification, a passport photograph and bank details to complete the registration.

2. Get your CSCS account ready

Your shares need somewhere to be kept after you buy them. That is where the Central Securities Clearing System, or CSCS, comes in. Think of it as a digital account where your shares are stored. You do not receive a paper certificate. If you are opening a stockbroking account for the first time, your broker will usually help you set up a CSCS account or link an existing one. This is where your Dangote Refinery shares will eventually be recorded if you receive an allocation.

3. Decide how much you want to invest

Now decide how much money you are comfortable putting into the IPO. Each Dangote Refinery share costs ₦525, but the minimum subscription is 10 shares. So, you need at least ₦5,250 to participate. If you want 100 shares, you will need ₦52,500, while 1,000 shares will cost ₦525,000. You do not have to invest a huge amount to get started. Just remember that the value of your shares can go up or down after trading begins.

4. Apply through an approved platform

When the IPO opens, you can submit your application through one of the approved channels. These include participating banks such as Access Bank, FirstBank, GTCO, UBA and Zenith Bank, fintech platforms such as Bamboo, PiggyVest, Moniepoint and Flutterwave, as well as MTN MoMo, Airtel SmartCash and NGX Invest. If you already use one of these platforms, the process should feel similar to making other transactions online. You will select the Dangote Refinery IPO, enter the number of shares you want and make your payment. Only use the official channels and never give anyone your PIN, password or OTP.

5. Wait to see how many shares you get

After you apply, you may have to wait before you know exactly how many shares you will receive. For example, if you apply for 100 shares, you are not automatically guaranteed all 100. If more Nigerians apply than there are shares available, the shares may be shared among investors based on the IPO’s allocation rules. Once the process is completed, you will be told how many shares you received. Your shares will then be credited to your investment or CSCS account.

6. Decide whether to hold or sell

If you receive Dangote Refinery shares, they become part of your investment portfolio. Once the shares begin trading on the Nigerian Exchange, their price will move based on demand, the company’s performance and other market factors. If the price rises, you could sell your shares for a profit. If it falls, your investment could lose value. You can also choose to hold the shares and potentially earn dividends if the company declares them. In other words, buying the shares is the beginning, not the end, of the investment.

A few things to think about before investing

The refinery’s strong financial performance is encouraging, but investors should look beyond the headline numbers before putting their money in. The company reported $1.82 billion in after-tax profit in the first half of 2026, compared with a $476 million loss in 2025, marking a significant turnaround. However, investors still need to consider other risks.

The company is planning to double its capacity to 1.4 million barrels per day by 2029, making its expansion plans an important part of the investment story.

Investors may also want to note the proposed option to receive dividends in either naira or US dollars, subject to the prospectus. This could be significant for investors concerned about naira depreciation, but the exact terms should be checked before investing.

Most importantly, do not invest simply because the IPO is generating excitement. Understand the company’s financial position, risks and plans before committing your money. And never send money to anyone promising a guaranteed allocation or share your PIN, password or OTP.