The Dangote Refinery IPO is now open, and you can own a piece of Africa's largest refinery.
Offer price
₦525 per share
Target raise
₦2.15 trillion
Offer period
14th September - 13th October, 2026
Minimum subscription
10 offer shares (and multiples of 10 offer shares thereafter)
About the Dangote Refinery Initial Public Offering
For decades, Nigeria pumped crude oil out of the ground, shipped it overseas, and then bought back refined fuel at a premium. We had the oil. What we lacked was sufficient local refining capacity.Now that's changing.The Dangote Petroleum Refinery (currently Africa's largest refinery) became operational in January 2024 and reached its full capacity of 650,000 barrels of crude oil per day in February 2026. In June 2026, it successfully tested its operations at up to 700,000 barrels per day.The refinery produces petrol, diesel, aviation fuel, and petrochemicals. As at May 31, 2026, it supplied over 80% of Nigeria's petrol demand, and its products are sold across African and international markets, including Ghana, Togo, Benin, South Africa, Singapore, Malaysia and the United States.This year, the refinery is offering 4.10 billion shares to all Nigerians through an Initial Public Offering (IPO). This means we have a chance to collectively own a piece of the infrastructure fuelling this country.
The IPO opens officially on Monday, 14th September, 2026.
2Am I eligible to invest in the Dangote IPO?
As long as you have a Piggyvest account with your KYC details verified, you’re eligible to participate in the offer.
3How much do I need to invest?
The price per share is ₦525, and the minimum subscription is 10 offer shares, or ₦5,250. You can subscribe for additional shares in multiples of 10, so you can buy 10, 20, 30, 40 offer shares, and so on.
4Will I definitely get shares?
When shares are oversubscribed, the allotment is scaled down. If you are allotted fewer shares than you applied for, the balance will be refunded within 5 business days after the allotment.
5How do I find out more information about the IPO?
You can learn more by reading the prospectus prepared by the Dangote Refinery team. You can access it here
6How will I know whether shares have been allotted to me?
After you apply in September or October, the allotment is expected in November, after SEC approval. We will notify you once allotment is made, and your shares will be credited to you within 15 business days.
7What happens if I change my mind after subscribing?
Your money leaves your wallet the day you apply, so be sure to only invest what you won't need.
8Is the IPO Shariah compliant?
Yes, investment in the IPO is permissible under Shariah and meets the AAOIFI Shariah Standard No. 21.
9What's a CSCS number?
A Central Securities Clearing System (CSCS) number is your unique ID on the Nigerian Exchange. It tracks all your shares with a stockbroker. Don't have one? You can set it up directly on the Piggyvest app.
10How do I pay?
Piggyvest will deduct your subscription payment from your Flex Naira wallet.
11What happens if my transaction does not go through?
Your funds will be returned to your Flex Naira wallet.
12I've never invested before. How do I know this is for me?
It can be. But all investing involves risk. Read the sections above, check out our blog for investment articles, and only put in what you're comfortable holding for a while. (Never invest rent money!)
13Are there any additional taxes or charges I should know about?
There are statutory NGX and CSCS fees applicable to the offer. You’ll also be required to pay 10% withholding tax deducted at source on dividends, and CGT may apply on disposal. You’ll see a full breakdown of any applicable charges before you confirm your subscription.
How to invest in the Dangote IPO
This IPO marks a new opportunity for investors in Nigeria. While you wait for the big announcement, here are a few things you can do to get ready:
Get informed.
The best investor is the informed one. Take time to do your own research and learn as much as you can about the IPO. Visit our blog for well-researched and informative articles on the IPO and investments in general. Also, read the full prospectus to understand the terms of the offer.
1
Download the Piggyvest app.
Download the Piggyvest app from your respective app store, create your account, and complete your KYC. It takes less than five minutes. Already on Piggyvest? You're ahead of the queue. Confirm that you've completed all KYC requirements and that your account is fully verified.
2
Subscribe to the IPO.
Go to the Invest tab of the Piggyvest app and select Dangote Refinery IPO under Trending investments. Select the number of units you want to subscribe for then tap Preview to review your subscription details and confirm that you understand the risks, then tap “Subscribe”. Once your subscription is processed, you'll see a confirmation.
3
One of Africa's most important infrastructure projects is now open to investors.
