Dangote Refinery IPO Extended to 27 October 2026: Price ₦525, Minimum 10 Shares, How to Apply and What Happens Next

📌 Quick answer (updated 13 October 2026): The Dangote refinery IPO has been extended by two weeks. The Securities and Exchange Commission (SEC) approved a new closing date of Tuesday 27 October 2026, instead of 13 October. Nothing else has changed: 4.1 billion shares at ₦525 each, a minimum of 10 shares (₦5,250) and then multiples of 10, paid in full when you apply. The company says the extra time is to let more investors in other African countries take part, and Aliko Dangote says demand is already several times the amount sought. After the close come allotment, refunds, crediting of shares to CSCS accounts and listing on the Nigerian Exchange (NGX); no listing date has been set.

The Offer at a Glance

Offer terms from the issuer’s offer announcement (published in Vanguard, 8 October 2026); extension from the company’s statement of 12 October 2026. The prospectus is the authoritative document; read it before investing.

Why the IPO Was Extended

The company announced the extension on Monday 12 October, a day before the offer was due to close. It gave two reasons:

• More African investors: the refinery wants shareholders across the continent. After talks with the Nairobi stock exchange, it is setting up similar arrangements with other African exchanges and investment platforms. Aliko Dangote said taking part matters more than the amount raised, and that more “African brothers and sisters” should be able to invest.
• Time to finish the paperwork: investors get more time to open accounts, complete identity checks and meet other requirements.

Dangote also said the money already offered is three to four times the amount the company set out to raise. These are the company’s own figures; the final level of subscription will only be confirmed at allotment. The offer aims to bring in up to 10 million retail investors in Nigeria and the rest of Africa.

How to Apply

• Stanbic IBTC customers: through the Stanbic IBTC mobile app, internet banking or the e-Subscription Portal. Stanbic IBTC is a joint lead issuing house, joint stockbroker and the receiving bank.
• Other individuals and companies: through the e-Subscription Portal, or through your own SEC-registered stockbroker.
• Applications of 50,000 shares or more can use the investor application form, with payment instructions from a Stanbic IBTC representative, relationship manager, wealth adviser or stockbroker.
• Have your NIN and BVN ready, plus a CSCS account (your broker can open one for you) so your shares have somewhere to go.
• Don’t leave it to the last day. Account opening and identity checks can take a few days, which is one reason for the extension.

Pay only through the official channels named in the prospectus. The SEC has warned that nobody should collect money for these shares outside the official process. Anyone asking you to send money to a personal account for “Dangote shares” is a scammer; report them to the SEC.

If the Offer Is Oversubscribed

If more money is offered than there are shares, you may get fewer shares than you applied for. The shares are shared out on a basis approved by the SEC, and you get a refund for any shares you applied for but did not receive. The basis for this offer will only be known after the close.

What Happens After 27 October

1. Allotment: the issuing houses work out how many shares each applicant gets, subject to SEC approval.
2. Refunds: money for shares you were not allotted is returned to you.
3. CSCS crediting: your shares are credited to your CSCS account.
4. Listing and trading: the shares are listed on the NGX, after which you can buy or sell them through a stockbroker. No listing date has been fixed; watch for announcements from the NGX and the issuing houses.

About the Refinery

The Dangote refinery at Lekki, Lagos, is the world’s largest single-train refinery, with a nameplate capacity of 650,000 barrels a day. It began processing crude in early 2024 and now supplies a large share of Nigeria’s petrol and other fuels. Reports say the listing could value the company at close to 50 billion US dollars.

The Risks

• The share price can fall. After listing, the market price could be above or below ₦525.
• Oil and refining margins move with world markets, and recent profits have benefited from favourable conditions that may not last.
• Currency: much of the business is linked to dollars, while you invest in naira.
• Expansion: the money raised funds a large expansion, and big projects often run late or over budget.
• Debt and dividends: debt repayments and expansion spending may limit dividends in the early years.
• Policy: fuel pricing, import rules and the refinery’s relationship with government and NNPC can all affect profits.

Only invest money you will not need for several years, never borrow to buy shares, and keep your emergency savings separate. This is general information, not investment advice; speak to a SEC-registered adviser if you are unsure.

Frequently Asked Questions

Has the Dangote IPO been extended?

Yes. The SEC approved a two-week extension, so the offer now closes on Tuesday 27 October 2026 instead of 13 October.

Why was the Dangote IPO extended?

To give investors in other African countries time to take part through their local exchanges and platforms, and to give everyone more time to complete account opening and identity checks.

What is the minimum I can invest in the Dangote IPO?

10 shares at ₦525 each, which is ₦5,250, then multiples of 10 shares.

How do I buy Dangote refinery shares?

Through the Stanbic IBTC app, internet banking or e-Subscription Portal, or through your own SEC-registered stockbroker, with your NIN, BVN and a CSCS account. Pay only through official channels.

Is the Dangote IPO oversubscribed?

Aliko Dangote says the money offered is three to four times the amount sought. The final figure will be confirmed when shares are allotted.

When will Dangote shares start trading?

After allotment, refunds and CSCS crediting are complete. No listing date had been fixed by 13 October 2026.

Sources

1. THISDAY, “Dangote Refinery extends public offer by two weeks to October 27”, 13 October 2026.
2. Reuters, “Nigeria’s Dangote oil refinery extends IPO closing date to Oct 27”, 12 October 2026.
3. Dangote Petroleum Refinery & Petrochemicals FZE offer announcement, published in Vanguard, 8 October 2026.
4. AllAfrica, “Dangote launches refinery’s N2.15tn IPO on NGX”, 14 September 2026.
5. Securities and Exchange Commission: sec.gov.ng.

This is general information, not investment advice. Last updated: 13 October 2026 · NaijaSabi Finance Desk.