Imagine a local transport company operating a single profitable bus route. To expand its fleet without taking on expensive bank debt, the owner invites the public to buy shares in the business. That simple concept is an Initial Public Offering (IPO).
Following formal approval from the Securities and Exchange Commission (SEC) on September 4, 2026, the long-awaited initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE is executing this exact strategy. The company is offering 4.1 billion ordinary shares at N525 ($0.40) per share, seeking to raise N2.15 trillion ($1.6 billion). The offer opens for public subscription on September 14, 2026, and closes on October 13, 2026, with a minimum entry threshold of N5,250 for 10 shares. If the investor demand exceeds expectations, the SEC-approved provision allows the company to issue an additional 15 to 30 percent in shares.
This step-by-step guide below outlines how domestic and international investors can participate in this public offering.
For Nigerian Citizens and Domestic Residents
Step 1: Find a registered operator that is approved by SEC. This process involves registering with an approved stockbroker or downloading a SEC-compliant digital investment platform.
Step 2: Obtain a CSCS Number. Your broker will automatically create or link your Central Securities Clearing System (CSCS) account, which acts as the digital safe holding your shares.
Step 3: Fund Your Wallet. Deposit your intended purchase amount (starting at N5,250) into your brokerage wallet.
Step 4: Apply. Between September 14 and October 13, select the Dangote Refinery IPO on your platform, enter your desired share quantity, and confirm your subscription.
For Non-Citizens and Non-Residents in the diaspora
Step 1: Obtain a Non-Resident BVN (NRBVN). Register through an approved international enrolment centre or partner Nigerian custodian bank.
Step 2: Open Custodian and CSCS Accounts. Set up a CSCS account through an SEC-registered Nigerian custodian bank or authorized international trading platform.
Step 3: Secure a Certificate of Capital Importation (CCI). When transferring foreign currency into Nigeria, your custodian bank will issue an electronic CCI to ensure legal authority for repatriating future dividends and capital gains.
Step 4: Execute Application. Submit your subscription order through your custodian or partner international broker during the offer window.