The N2.15 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) got off to a scramble on Monday as various subscription channels showed strong appetite for the landmark offer.
Opening day survey of stockbroking firms, issuing houses, banks and fintechs showed that investors were enthusiastic about investing in Africa’s largest IPO, with most receiving firms setting up dedicated channels and teams to handle influx of early subscriptions.
DPRP is offering 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The application list, which opened Monday, will close on October 13, 2026.
President and Chief Executive, Dangote Industries Limited, Alhaji Aliko Dangote, also yesterday reiterated that the IPO was deliberately structured to widen ownership of the continent’s most strategic asset to all cadres of Nigerians, thereby deepening shared prosperity.
At the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX), Dangote said the IPO presents opportunity for all Nigerians to benefit from strong returns and sustainable wealth creation.
According to him, the IPO underscores the company’s commitment to broadening ownership and enabling millions of individuals to benefit from the value generated by a world-class industrial enterprise.
He said: “The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy.
“By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote Refinery will continue to create for decades to come.”
Dangote noted that the refinery has already fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.
He highlighted the refinery’s financial strength noting that it generated approximately N19.47 trillion in revenue in first half 2026, with profit after tax at N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” Dangote said.
He reiterated that the IPO represents an opportunity for investors to move from consumers to owners and participate in the long-term growth of one of Africa’s most strategic industrial enterprises.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” Dangote said.
Chairman, Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, said the offer represents a defining milestone for Africa’s capital markets and a demonstration of the capacity of African capital to finance large-scale projects capable of accelerating economic growth and development across the continent.
He assured that the Nigerian capital market has the depth to absorb the country’s major companies across the sectors, urging other companies to emulate the example of Dangote.
Lagos State governor, Babajide Sanwo-Olu, described the IPO as a watershed moment for Africa’s financial markets, noting that it reinforces confidence in the continent’s ability to mobilize capital and invest in its own future.
He said: “This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs”.
Chief Executive Officer, Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.
Chief Executive Officer, Dangote Petroleum Refinery & Petrochemicals FZE (DPRP), Davide Bird outlined the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe.
He said the company has continued to maintain safe, reliable and efficient operations while focusing on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22 trillion. Together with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.
Several receiving agents reported opening day momentum with independent marketing efforts on why subscribers should utilise their platforms.
These agents, including United Bank for Africa (UBA) Plc, Zenith Bank, GTI Securities Limited, Capital Assets, Arthur Steven Asset Management and Remita among others were among the authorised subscription platforms.
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), also cautioned investors to only subscribe to the IPO through accredited receiving agents, including SEC-regulated stockbroking firms, banks and issuing houses.
SEC warned investors not to deal with unauthorized third parties to avoid falling into scams.
UBA is encouraging interested investors, including its customers and members of the investing public, to take advantage of its approved channels to participate in the offer.
The Executive Director-Designate, UBA Group, Tosin Adewuyi said the IPO provides eligible investors with an opportunity to participate in the ownership of a major Nigerian industrial enterprise.
He encouraged interested investors to obtain and carefully review the offer documents, understand the terms and risks involved, and make informed investment decisions.
“We are pleased to be named as one of the approved financial institutions providing access to the Dangote Refinery public offer. At UBA, we remain committed to deepening financial inclusion and expanding opportunities for individuals and businesses to participate meaningfully in Nigeria’s capital market,” Adewuyi said.
Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour.
“Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment. It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank,” Zenith Bank stated.
Remita, which is launching its newly upgraded mobile App, said its approval as an electronic application channel for the landmark public offer underscored the robust capacity, security and trust built into the Remita infrastructure.
Managing Director, Remita, ‘DeRemi Atanda said the selection of Remita as one of the few local and international fintechs to be part of the landmark public offer is a reassuring confidence in the innovation and resilience of the company’s technology and commitment to providing scalable digital infrastructure for major financial transactions.
The opening day of the IPO has caused crashing on some application websites. According to Bloomberg report, the demand for shares in Dangote Petroleum Refinery and Petrochemicals FZE overwhelmed some of the many Nigerian investing apps soon after the IPO opened.
The report said that minutes after it was officially announced, Bamboo, a popular digital investment application that serves as one of 40 authorised platforms for the share subscription, posted on X that it was working to get its app “up and running” again. There were 40 per cent more account openings in the past week than in all of May, which was previously the company’s best month on record, a Bamboo spokesperson told Bloomberg.
Addressing the service disruption, Bamboo published an official statement on its X account, explaining, “Hey everyone, we’re getting a much higher-than-expected traffic trying to get into the Dangote IPO, and it’s making it difficult for some users to log into the Bamboo app”.
Despite the temporary disruption on Bamboo, prospective buyers continue to access the share offering through other verified channels listed on the official portal.
- Media Report