Investors stake N1.5trn in Dangote Refinery’s IPO in first hour of trading

Investors have staked N1.5 trillion in Dangote Petroleum Refinery and Petrochemicals (DPRP) Initial Public Offering (IPO) within first hour after the offer opened on Monday, September 14, 2026, on the Nigerian Exchange, signalling strong institutional and retail demand for what is set to become Africa’s largest public share offer.

The offer, comprising 4.1 billion ordinary shares priced at N525 each, opened on the Nigerian Exchange with a target of raising approximately N2.15 trillion, or about $1.6 billion, and will run until it closes on October 13, 2026.

But within the first one hour after the offer opened, a whopping N1.476 trillion was recorded in 402,634 transactions by investing public, according to the tweet by the Nigerian Exchange Group (NGX) using its verified official X handle.

The IPO opened in the early hours of Monday with subscriptions accessible through roughly 55 approved electronic application channels, the largest digital distribution network ever deployed for a Nigerian IPO.

According to NGX, total transactions stood at 402,634 while the total transaction amount was N1,476,171,994,112 before midday. The channels span apps operated by 20 banks, two mobile money companies, the NGX’s own Invest platform, and 32 fintech and investment firms.

Minimum subscription is set at 10 shares, or N5,250, before applicable charges, keeping the entry point accessible to a broad base of retail investors.

The offer carries an additional greenshoe option of up to 30% to accommodate excess demand beyond the base 4.1 billion shares.

Speaking at the “Facts Behind the Offer” presentation and ceremonial Gong Striking ceremony at the NGX headquarters in Lagos, Dangote Group President Aliko Dangote framed the offer’s purpose around broadening market access rather than fundraising for its own sake.

Dangote told market operators and banking executives that the primary aim was to democratise the exchange, adding that the group had already raised more than it needed and that the offer was instead about ensuring the public shares in the benefit of what he described as Africa’s largest company.

Sources familiar with the transaction told Nairametrics that the scale of the digital distribution network was driven by Dangote’s insistence that the IPO attract as many as 10 million subscribers, built primarily around electronic access rather than traditional paper-based subscription.

Because the offer is a subscription for new shares rather than an existing shareholder sell-down, proceeds will flow directly to the refinery rather than to Dangote or other current shareholders.

Investors without an existing Central Securities Clearing System (CSCS) account may need to provide additional information to create or identify one as part of the application process.