Africa's largest-ever share sale opened for subscription on September 14, 2026. The offer is 4.1 billion shares at ₦525 each, targeting up to ₦2.15 trillion, with a minimum subscription of 10 shares ( ₦5,250). Here it is in plain language.
Aliko DangoteFounder of the Dangote Group, the industrial conglomerate behind the refinery.
IPO at a glance
Share price
₦525
Minimum order
10 shares
Minimum spend
₦5,250
Offer opens
September 14, 2026
Offer closes
October 13, 2026
Expected listing
November 2026
Exchange
Nigerian Exchange — NGX
Reported raise target
₦2.15 trillion
Naira ⇄ US Dollar
Share price
₦525=
Minimum investment (10 shares)
₦5,250=
USD figures are estimated conversions from the live Naira rate — the offer itself is priced in Naira. Actual exchange rates and transaction costs may vary.
Dangote IPO calculator
How much could your money buy?
Quick amounts
Your investment
₦5,250
Share price
₦525
Estimated shares
10
Estimated cost
₦5,250
Remaining balance
₦0
Whole shares only — results are always rounded down because fractional shares should not be assumed to be available. Based on the announced IPO price of ₦525 per share.
Hypothetical scenario
Run the numbers
Explore what different share prices would mean — nothing here is a forecast.
Initial investment
₦5,250
Hypothetical future value
₦7,500
Potential gain / loss
+₦2,250
Percentage change
+42.9%
This is not a prediction of Dangote Refinery's future share price or investment performance.
The company
What it does
The refinery turns crude oil into petrol, diesel, jet fuel and other products. Reported capacity today is around 650,000 barrels a day.
Why it matters
Nigeria has long exported crude and imported fuel. Refining at home changes who captures the value — and that is an ownership story, not just an energy one.
Where it's going
The stated expansion target is 1,400,000 barrels a day by 2028, with shares expected to trade on the Nigerian Exchange — NGX from November 2026.
The timeline
September 14, 2026
IPO opens
Offer period begins.
October 13, 2026
IPO closes
Offer period ends.
November 2026
Expected NGX listing
Shares expected to begin trading on the Nigerian Exchange.
2028
Target 1.4M barrels/day capacity
Stated expansion target for refining capacity.
How to get in
The Dangote Refinery IPO is listed exclusively on the Nigerian Exchange Group (NGX). It opens on September 14, 2026, closes on October 13, 2026, and is priced at ₦525 per share. There is no international exchange listing or overseas secondary routing for at least three years, and no authorized US, UK or Canadian mainstream retail brokerages are offering the primary shares directly. SwaggaLIVE does not sell shares and does not take orders.
For Nigerian residents
1
Get a CSCS account
Opened for you free of charge by any licensed stockbroker. It holds the shares in your name.
Diaspora investors typically rely on specialized cross-border platforms or authorized Nigerian financial intermediaries that partner with digital gateways such as MyStocks Africa. These channels route your order into the same NGX Invest subscription process.
What you will need
Expect to complete KYC, open a CSCS account, and provide a valid Nigerian bank account or diaspora-friendly settlement arrangement. Requirements vary by intermediary, so confirm the exact documentation with the platform before sending funds.
Banks and fintech apps that carry the offer do so as receiving agents routing into the same NGX Invest process. Only trust a channel named in the official offer document or listed by NGX or the SEC — confirm before you send money anywhere.
Verified directory
Where you can subscribe
55 reported intermediaries are carrying the offer — bank portals, licensed stockbrokers and digital apps. Every one of them routes into the same NGX subscription process, so pick the channel you already have an account with. Names as reported by Nigerian press coverage; confirm yours against the SEC-approved offer document before you pay.
Banks & exchange portals (20)
Commercial bank portals plus the Exchange's own NGX Invest platform.
NGX Invest PortalNigerian Exchange Limited
Access Bank Plc Portal
Ecobank Nigeria Limited Portal
Fidelity Bank Plc Portal
First Bank of Nigeria Limited Portal
First City Monument Bank Limited Portal
Globus Bank Limited Portal
Guaranty Trust Bank Limited Portal
Jaiz Bank Plc Portal
LOTUS Bank Limited Portal
Keystone Bank Limited Portal
PremiumTrust Bank Limited Portal
Providus / Unity Bank Plc Portal
Stanbic IBTC Bank Limited Portal
Sterling Bank Plc Portal
TAJBank Limited Portal
Union Bank of Nigeria Plc Portal
United Bank for Africa Plc Portal
Wema Bank Plc Portal
Zenith Bank Plc Portal
Stockbroking & investment platforms (17)
Licensed stockbrokers and their branded investment apps.
InvestNaijaChapel Hill Denham Securities Limited
Vetiva InvestVetiva Securities Limited
AfrinvestorAfrinvest Securities Limited
AnchoriaAppAnchoria Securities Limited
Bancorp TradePalBancorp Securities Limited
CS AlphaCardinalStone Securities Limited
Coronation WealthCoronation Securities Limited
First Securities Brokers Limited Portal
AdvantaFSDH Capital Limited
FutureView InvestFutureview Securities Limited
InvestNowUnited Capital Securities Limited
MeritradeMeristem Stockbrokers Limited
MorganCapital Securities Limited Portal
i-InvestParthian Partners Limited
Tiddo InvestTiddo Securities Limited
Zedcrest WealthZedcrest Securities Limited
SBG Securities (Pty) Limited
Fintech & digital platforms (18)
Payment and digital investment apps acting as receiving channels.
Airtel SmartcashSmartcash Payment Service Bank Limited
we.yanwe.yan Nigeria Limited
CowrywiseCowrywise Financial Technology Limited
MyInvestarFirst Ally Asset Management Limited
RevveLinearsend Inc.
PaystroPaystro UK Limited
RemitaRemita Payment Services Limited
VBank.ngVFD Microfinance Bank Plc
Ecobank Transactional Incorporated
KYC & CSCS checklist
What you need to open the account
A CSCS account is opened for you by a licensed stockbroker — you cannot open one yourself. Have these ready and the whole thing is usually same-day. Diaspora applicants provide the same documents; identity papers from your country of residence may be accepted in place of a Nigerian ID, so confirm with the intermediary first.
1Bank Verification Number (BVN)
Required for identity verification. Dial *565*0# on the phone number tied to your bank account if you do not have it to hand.
2National Identification Number (NIN)
CSCS onboarding is integrated with the national identity systems, so brokers ask for your NIN alongside your BVN.
3Government-issued photo ID
Any one of: international passport, National ID card, driver's licence or Permanent Voter's Card.
4Passport photograph
A recent passport-style photo. Most brokers accept a clear phone photo upload.
5Signature specimen
Your signature on a plain white sheet, photographed or scanned. Used to authorise instructions on the account.
6Proof of address
A utility bill no older than three months — electricity, water, telephone or waste management.
7Nigerian bank account details
Bank name, account name, account number and the date the account was opened. Dividends and refunds are paid to this account.
8Next-of-kin details
Name, relationship, phone number and address. Their CHN if they have one.
9Existing CHN, if you have one
Your Clearing House Number identifies you in the Nigerian capital market. If you already have one, give it to the broker — CSCS advises keeping a single unique CHN even across multiple accounts.
10Employment and income details
Occupation, source of income and estimated annual income, collected for anti-money-laundering compliance.
SwaggaLIVE does not sell shares, take orders or hold funds. Never send money to an individual, a WhatsApp contact or any account that is not the named institution's own official channel, and never pay a “processing fee” to buy IPO shares.
Questions, answered
What is an IPO?
An Initial Public Offering is the process through which a privately held company begins selling shares to public investors.
What is NGX?
NGX stands for Nigerian Exchange, Nigeria's major securities exchange.
What is the share price?
The announced IPO price is ₦525 per share.
What's the minimum investment?
The announced minimum subscription is 10 shares, equivalent to ₦5,250 at the IPO price.
When does the IPO open?
September 14, 2026.
When does it close?
October 13, 2026.
When should the shares begin trading?
The shares are expected to list on the Nigerian Exchange in November 2026.
Can I buy through a US, UK or Canadian broker?
No. The IPO is listed exclusively on NGX and no authorized US, UK or Canadian mainstream retail brokerages are offering the primary IPO shares directly.
How can diaspora or international investors participate?
Diaspora investors typically rely on specialized cross-border platforms or authorized Nigerian financial intermediaries that partner with digital gateways such as MyStocks Africa, not local brokerages in North America or the UK.
Will the shares also list on the NYSE, LSE or TSX?
Management has confirmed there will be no international exchange listing or overseas secondary routing for at least three years.
Investment notice
This page is news and education only. It is not financial, investment or tax advice and not an offer to sell securities.
Investing carries risk. Share prices can fall as well as rise and you may get back less than you put in.
Any figures shown in the calculator are hypothetical illustrations, not predictions or promises of return.
Always read the official offer document and speak with a licensed adviser before investing.
