Dangote Refinery IPO — FAQs

What is the Dangote Refinery IPO?

Dangote Petroleum Refinery and Petrochemicals FZE is offering ordinary shares to the public, with a primary listing expected on the Nigerian Exchange (NGX). CardinalStone is making the offer available to clients through CS Alpha and the web portal so they can apply through their CardinalStone Securities stockbroking account.

Is the IPO approved?

Yes. Nigeria’s Securities and Exchange Commission (SEC) has approved the key terms and registered the company’s existing share capital. A signing ceremony with advisers happened on 7 September 2026 in Lagos. That does not mean clients can buy shares yet and the subscription window still has to open.

When can clients apply?

Market reports and company comments point to the order book opening on 14 September 2026. Confirm the exact open and close dates in the final prospectus before quoting a closing time to clients.

What are the headline terms?

Publicly reported figures below must be checked against the registered prospectus before go-live:

Confirm before publishing: open/close dates, minimum units and multiples, fees, allotment method, and any retail tranche.

What is the implied valuation?

SEC registration of about 120.13 billion existing ordinary shares, plus the offer price, has been used by reporters to imply a valuation in the ~US$40–47 billion range. Earlier private placements were around US$39–40 billion. Use prospectus figures, not press estimates.

Is this Africa’s largest IPO?

It is widely described as one of the largest African share sales on record. Earlier talk of a US$5 billion public raise was scaled back; the approved public offer is closer to US$1.6 billion plus greenshoe, after a large private placement already raised capital.

Is this investment advice?

No. This document is a guide to applying through CardinalStone. Clients should read the prospectus. Past performance of other Dangote-listed companies is not a guide to this stock.

What does the company do?

It owns and operates the Lekki (Lagos) refinery and associated petrochemicals. Nameplate capacity is commonly cited at 650,000 barrels per day; the plant has tested or operated around 700,000 bpd. It also has a polypropylene plant and on-site power generation. It supplies the domestic market and exports products (including jet fuel) across Africa and into Europe.

Why is the company listing?

Reported use of proceeds is to help double capacity toward 1.4 million bpd, strengthen the balance sheet, and broaden ownership. Aliko Dangote has described the transaction as a “people’s IPO”/African listing. The group already has Dangote Cement, Dangote Sugar and NASCON listed on NGX.

Who owns it today?

It remains majority-controlled by Aliko Dangote/Dangote Group. There was a US$2.5 billion private placement in 2026, reported as heavily oversubscribed, before this public offer. Exact post-IPO free float will be in the prospectus.

Will it list on Nairobi, Johannesburg or London at the same time?

Priority is a primary NGX listing. Dual or pan-African listings have been discussed; company comments have suggested no immediate overseas listing. Regional demand may still come through Nigerian channels.

Do I need to be an existing CardinalStone client?

Yes. To apply on our platforms, you need an active CardinalStone Securities stockbroking account that is KYC-compliant, with a CSCS account linked.

I don’t have an account. How do I open one before the window?

1. Go to app.cardinalstone.com or download CS Alpha (iOS/Android).
2. Sign up and choose Individual or Corporate.
3. Enter BVN and biodata exactly as on your BVN.
4. Upload KYC: provide NIN.
5. Activate with the user ID and default password sent to your email, then set your own password.

Open early. Incomplete KYC will block the e-IPO button.

Can corporates, joint accounts and diaspora clients apply?

Yes, if the account type is opened and approved. Diaspora and foreign clients apply through the same platforms once KYC is complete. Confirm any FX or repatriation notes in the prospectus.

Can I apply if I already have a CSCS number with another broker?

You can still open a CardinalStone account. Tell your relationship manager if you want this application booked under CardinalStone. Do not submit the same application through two brokers.

Who is generally eligible?

Nigerian retail investors, institutions, pension funds (PenCom previously granted a special waiver for the proposed IPO) and foreign or diaspora investors through licensed channels. Exact eligibility belongs in the prospectus.

Where do I apply?

Only these official CardinalStone channels:

• CS Alpha app (App Store/Google Play)
• Web portal: app.cardinalstone.com

Do not pay anyone on WhatsApp, Instagram, or a “reservation” account.

Step-by-step for existing clients

1. Log in to CS Alpha or the web portal.
2. Confirm KYC status is complete. Update documents if prompted.
3. Fund your CardinalStone cash account before you submit (bank transfer or in-app funding).
4. Open e-IPO/Offers (the tile may read “Dangote Refinery IPO”).
5. Enter the number of shares (must meet the prospectus minimum and multiples).
6. Review amount due: shares × ₦525 plus any disclosed charges.
7. Accept the prospectus/terms.
8. Save the on-screen receipt and email acknowledgement.

What if I don’t see the IPO on the app?

• Update CS Alpha to the latest version (e-IPO is a current app feature).
• Confirm you logged into a stockbroking account, not only a mutual-fund profile.
• Confirm KYC is approved.
• The tile appears when the official window opens, expected 14 September 2026.

If it still does not show, email dangoteIPO@cardinalstone.com or your relationship manager.

Can I apply on both the app and the website?

Use one application per client. Duplicate applications can be rejected or delayed.

Can my relationship manager apply for me?

Yes, if you send a written or recorded mandate and your account is funded. Self-service on CS Alpha is faster for most retail clients.

How much do I need?

Amount payable is approximately (number of shares × ₦525) plus any brokerage, CSCS, SEC or offer fees disclosed in the prospectus. Fund the account in naira before you click submit. Uncleared funds can void the application.

Is there a minimum?

The minimum units, multiples and any retail tranche will be in the prospectus. Until that is published, do not quote a minimum in client chats.

Can I buy in dollars?

Shares are expected to be naira-denominated on NGX. Fund the CardinalStone cash account in naira. Aliko Dangote has spoken publicly about dollar-linked payments or USD dividends; that is not guaranteed until regulators and the prospectus say so, and it is not a CardinalStone promise.

When does payment leave my account?

On successful submission, the application amount is typically blocked or applied from your CardinalStone cash balance. Unallotted money is returned to the same cash account after allotment. Confirm the exact timeline in the offer documents.

Can I cancel or reduce my application?

Usually only during the offer window and only if the platform still allows amendment. After close, applications are final. Confirm in the prospectus and on CS Alpha.

What if the offer is oversubscribed?

Allotment may be scaled (pro-rata, ballot, or as stated in the prospectus), and a greenshoe may apply. You may receive fewer shares than you applied for. That is normal and does not mean the application failed.

When will shares start trading?

After allotment, CSCS crediting and NGX listing approval. That date is after the subscription window, not on 14 September itself. There is a gap between “offer closes” and “shares appear”.

Where do I see my shares?

CS Alpha or web portal → portfolio → equities. Confirm the ticker once NGX publishes it. CardinalStone will notify clients when crediting starts.

Can I sell on listing day?

Only after official listing and if your units are fully credited. Liquidity and price on day one can be volatile.

Will there be dividends?

No IPO guarantees dividends. Any USD-dividend idea is still subject to policy and approval. Refining margins move with crude prices, FX, utilisation, regulation and competition.

What are the main risks?

• Oil-price and crack-spread volatility
• Naira/FX and capital-controls risk
• Regulatory and downstream-market concentration debates
• Execution risk on the 1.4 million bpd expansion
• Single-asset/Nigeria-concentration risk
• Allotment risk and post-listing price volatility
• Information in the press can change before listing

Clients can lose money. This is not investment advice.

How do I know this is the real offer?

• SEC has approved the offer terms.
• Apply only inside CS Alpha or app.cardinalstone.com.
• Pay only into your CardinalStone cash account, never to a personal account.

SEC previously stopped unauthorised pre-IPO marketing. Anyone asking clients to “reserve units” outside our platforms is not acting for CardinalStone.

Where do we verify information?

• Final prospectus and abridged prospectus
• SEC and NGX notices
• Official Dangote Petroleum Refinery/Dangote Group channels
• CardinalStone relationship manager or dealing desk

Who do clients call?

• Email: dangoteipo@cardinalstone.com
• Investment Advisors
• call any of the numbers below
   
  +2348131612074
  +2348141961016
  +2347048220358
  +2348147658059
  +2348062475418

How to Subscribe to the Dangote Refinery IPO on CS Alpha?

1. Log in to the CS Alpha app
2. Select the Invest option, tap E-IPOs under products.
3. Select the Dangote Refinery IPO.
4. Click on Invest Now
5. Enter your preferred quantity and confirm your subscription.

Note: Please ensure your wallet is funded before you begin, as this is required to complete your subscription.

How to Subscribe to the Dangote Refinery IPO on our web platform?

1. Visit app.cardinalstone.com to login
2. Under quick links at the bottom left-hand side, tap E-IPOs.
3. Select the Dangote Refinery IPO.
4. Click on Invest Now
5. Enter your preferred quantity and confirm your subscription.

Note: Please ensure your wallet is funded before you begin, as this is required to complete your subscription.

How do I get profiled to access the IPO?

Visit https://app.cardinalstone.com/ or download CSAlpha from your application store to get registered.

How does a Nigerian non-residence buy into the IPO?

All you need to do is have a BVN and an NIN to be able to register on our application and buy into the IPO.

How does a non-Nigerian non-residence buy into the IPO?

A BVN is the basic requirement to be able to buy into the IPO. As a non-Nigerian non-residence, we advice that you invest in our SMA (has an opening balance of NGN100,000,000) to be able to participate in the IPO.

How do I fund my wallet to participate in the IPO?

You can fund your wallet by transfer to your NUBAN which appears on your dashboard.