Overview
WHAT IS AN IPO?
IPO means Initial Public Offering.
It is the process by which a company offers shares to the public. When you apply for shares and they are allotted to you, you become a shareholder.
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Dangote Refinery IPO
CardinalStone Partners, as a joint issuing house, is pleased to inform you that the Dangote Petroleum Refinery and Petrochemicals FZE (“DPRP” or the “Enterprise”) Initial Public Offering of 4,100,000,000 Ordinary Shares of US$0.000013 each at N525.00 per share (the “Offer”) is COMING SOON.
The Offer is scheduled to open on 14 September 2026 and close on 13 October 2026.
Dangote Refinery is undertaking the Offer to fund the expansion of the Lagos Mega Refinery from its current 700,000 bpd operational baseline to 1.4 million bpd.
Based on an independent Shari’ah assessment and applicable Shari’ah screening criteria, the ordinary shares being offered have been determined to be Shari’ah-compliant
The IPO is available for subscription on CS Alpha:
app.cardinalstone.com and mobile app.
Dangote Refinery IPO — FAQs
The IPO is an offer of shares in Dangote Petroleum Refinery & Petrochemicals FZE to investors, providing an opportunity for eligible investors to participate in the company’s ownership through the Nigerian capital market.
The IPO provides an avenue to raise capital while broadening the company’s shareholder base and providing investors with an opportunity to participate in the future growth of one of Africa’s largest refining and petrochemical businesses.
The IPO comprises 4.1 billion shares, according to the offer details currently available.
The reported offer price is ₦525 per share.
At the offer price and stated number of shares, the transaction is expected to raise approximately ₦2.15 trillion.
The reported offer timeline indicates that the offer is expected to open on September 14, 2026. Investors should refer to the final offer documents and official announcements for the confirmed dates.
Participation will be subject to the eligibility requirements and terms contained in the official offer documents. Investors should review the offer documentation carefully before making any investment decision.
Eligible investors can participate through the approved channels and intermediaries specified in the official offer documents. The process may require investors to have the appropriate investment account and complete the relevant subscription documentation.
Management plans to increase refining capacity to 1.4 million barrels per day by FY’29 through a reported $12.4 billion expansion programme. CardinalStone Research believes the expansion could strengthen economies of scale and operating leverage while further improving the refinery’s competitive position.
Yes. Investors generally need the appropriate securities/investment account infrastructure to hold shares purchased through an IPO. The specific account requirements and subscription process should be confirmed from the official offer documentation and approved receiving agents. You can open an investment account with us – https://app.cardinalstone.com
Subscription simply refers to an investor applying to purchase shares being offered by a company. An investor indicates the number of shares they wish to acquire and provides the required payment and documentation.
If applications exceed the number of shares available, the allocation process will be determined in accordance with the rules and methodology stated in the offer documents. An investor may therefore receive fewer shares than originally applied for.
No. An IPO, like any investment in equities, carries investment risk. The value of shares can rise or fall after listing, and investors may lose some or all of their invested capital.
CardinalStone Research highlights the refinery’s growing utilisation, strong cash-generation potential, strategic location, high-complexity configuration, regional export opportunity and planned expansion to 1.4 million barrels per day as key factors underpinning its long-term growth potential.
Key risks include crude supply constraints, fluctuations in crude prices and refining margins, foreign-exchange exposure, regulatory changes, operational disruptions, competition and the execution risk associated with the refinery’s expansion programme.
No. While Nigeria remains its primary market, the refinery is positioned to supply refined products across West Africa and other international markets. The report highlights existing and developing supply relationships with markets including Ghana, Togo and Cameroon.
Its scale and complexity are major differentiators. The refinery has a Nelson Complexity Index of 11.5, is designed to produce a high proportion of higher-value refined products, and has infrastructure that supports both domestic distribution and exports.
Investors should consider the company’s financial performance, business model, growth prospects, valuation, risks, offer terms and their own investment objectives and risk tolerance. The IPO prospectus and other approved offer documents should be treated as the primary source for making an investment decision.
Investors should consult the official IPO documentation and communications from the issuer, regulators and authorised transaction parties for the definitive offer terms, eligibility requirements, application process and relevant dates.
