Dangote Refinery IPO Opens 14 September: FirstBank Offers Subscription Access To Landmark Offer
By Rashidat Olushola Okunlade, Lagos
A landmark investment opportunity is coming to the Nigerian capital market as Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) opens its proposed Initial Public Offering (IPO) on Monday, 14 September 2026.
The offer, approved by the Securities and Exchange Commission (SEC), will see the refinery offer 4.1 billion ordinary shares at ₦525 per share, with subscription available through FirstBank.
A Defining Moment for Nigeria’s Capital Market
The Dangote Refinery IPO represents one of the most significant listings in the history of the Nigerian Exchange, offering retail and institutional investors the opportunity to participate in Africa’s largest single-train refinery.
With a current refining capacity of 700,000 barrels per day, the facility produces Euro V-compliant refined petroleum products and operates an integrated refining and petrochemicals business. The company has announced plans to expand capacity to approximately 4 million barrels per day by 2029.
IPO at a Glance
Issuer Dangote Petroleum Refinery & Petrochemicals FZE
Offer Price ₦525.00 per share
Minimum Subscription 10 shares (₦5,250), then multiples of 10
Payment In full on application
Retail Incentive Eligible retail investors may receive bonus shares at no extra cost, subject to the Prospectus
Use of Proceeds Refinery expansion capital expenditure
Opening Date 14 September 2026
Closing Date 13 October 2026
Listing Venue Main Board, Nigerian Exchange Limited
Shariah Status Assessed as Shariah compliant under applicable screening criteria
How to Apply Through FirstBank
When the offer opens, investors can apply and pay through multiple FirstBank channels: FirstMobile, FirstOnline, PayByLink, LIT App, FirstDirect (for corporate customers), FirstBank Agency Banking outlets, and Any FirstBank branch nationwide.
Application links and step-by-step guides will be available at launch.
The opportunity to participate starts from just ₦5,250.
A Transformative Investment Opportunity
The Dangote Refinery has been described as a game-changer for Nigeria’s energy sector, with the potential to reduce the country’s dependence on imported refined petroleum products and strengthen domestic refining capacity. The IPO offers investors a rare opportunity to participate in the growth of an asset of national strategic importance.
FirstBank acts solely as a Receiving Bank for the offer. Investment decisions should be based on the Prospectus, and prospective investors are advised to read the Prospectus and seek independent professional advice where necessary.
Security Advisory
FirstBank reminds customers never to reveal their online banking password, token response, card number, or ATM PIN to anyone. The Bank will never request these secret details.
