Market News
1. Basics
- What is an IPO?
Initial Public Offering = Company sells shares to the public for the first time and gets listed on the Nigerian Stock Exchange.
- Issuer: Dangote Petroleum Refinery & Petrochemicals FZE
- Offer Dates: Opens 14 Sept 2026* | Closes 13 Oct 2026
2. Issuing Houses
- Lead Issuing House: Vetiva Advisory Services Limited
- Joint Issuing Houses: 25 firms
1. FirstCap Limited
2. Stanbic IBTC Capital Limited
3. Chapel Hill Denham Advisory Limited
4. Absa Capital Markets Nigeria Limited
5. Afrinvest Capital Limited
6. CardinalStone Partners Limited
7. Comercio Partners Capital Limited
8. Cordros Advisory Services Limited
9. Coronation Merchant Bank Limited
10. Cowry Asset Management Limited
11. Ecobank Development Company Limited
12. FCMB Capital Markets Limited
13. Finmal Finance Services Limited
14. First Ally Advisory Limited
15. FSDH Capital Limited
16. Futureview Financial Services Limited
17. Greenwich Capital Markets Limited
18. Meristem Capital Limited
19. Quest Merchant Bank Limited
20. Quantum Zenith Capital & Investments Limited
21. Rand Merchant Bank Nigeria Limited
22. Renaissance Securities (Nigeria) Limited
23. SCM Capital Limited
24. Tiddo Securities Limited
25. United Capital Plc
You can also subscribe via licensed stockbrokers and accredited banks in addition to the houses above._
3. Offer Details
- Mode: Fixed Price
- Offer Price: ₦525.00 per share
- Minimum Subscription: 10 shares and multiples of 10
- Gross Proceeds if fully sold: ₦2.152 Trillion
- Market Cap Pre-Listing: ₦63.06 Trillion | At Listing: ₦65.22 Trillion
4. Use of Proceeds
Funds will go to therefinery expansion program:
- Current: 700,000 barrels/day → Expanding to 1,400,000 barrels/day
- Total cost: ~US$14.3 billion over 5 years. Completion targeted 2029*
- Net proceeds: *₦2.111 Trillion after ₦41.49B offer costs
5. Key Investor Info
- Oversubscription: Company may absorb up to 30% extra, subject to SEC approval.
- Retail Investor Incentive:
Hold min 10 shares for 12 months = Get 1 free bonus share
Hold for 24 months = Get 2nd bonus share. Max 2 bonus shares
- Shariah Compliance: Certified compliant by Buraq Capital per AAOIFI Standard No. 21
6. Financials & Warni
Total Borrowings as at June 2026: ~US$5.67 billion, all secured
- Risks: Prospectus lists several risk factors. Read and do due diligence.
- Fraud Alert: Only invest through *licensed stockbrokers, accredited banks, or the 26 issuing houses listed above*.
In one line:
Dangote Refinery is raising ₦2.15 Trillion at ₦525/share to double capacity by 2029. IPO runs Sept 14 - Oct 13, 2026.
NoraCapital Investment services
Sep 13, 2026
Summary of the Dangote refinery IPO prospectus
Dangote Refinery IPO - Quick Summary
1. Basics
- What is an IPO?
Initial Public Offering = Company sells shares to the public for the first time and gets listed on the Nigerian Stock Exchange.
- Issuer: Dangote Petroleum Refinery & Petrochemicals FZE
- Offer Dates: Opens 14 Sept 2026* | Closes 13 Oct 2026
2. Issuing Houses
- Lead Issuing House: Vetiva Advisory Services Limited
- Joint Issuing Houses: 25 firms
1. FirstCap Limited
2. Stanbic IBTC Capital Limited
3. Chapel Hill Denham Advisory Limited
4. Absa Capital Markets Nigeria Limited
5. Afrinvest Capital Limited
6. CardinalStone Partners Limited
7. Comercio Partners Capital Limited
8. Cordros Advisory Services Limited
9. Coronation Merchant Bank Limited
10. Cowry Asset Management Limited
11. Ecobank Development Company Limited
12. FCMB Capital Markets Limited
13. Finmal Finance Services Limited
14. First Ally Advisory Limited
15. FSDH Capital Limited
16. Futureview Financial Services Limited
17. Greenwich Capital Markets Limited
18. Meristem Capital Limited
19. Quest Merchant Bank Limited
20. Quantum Zenith Capital & Investments Limited
21. Rand Merchant Bank Nigeria Limited
22. Renaissance Securities (Nigeria) Limited
23. SCM Capital Limited
24. Tiddo Securities Limited
25. United Capital Plc
You can also subscribe via licensed stockbrokers and accredited banks in addition to the houses above._
3. Offer Details
- Mode: Fixed Price
- Offer Price: ₦525.00 per share
- Minimum Subscription: 10 shares and multiples of 10
- Gross Proceeds if fully sold: ₦2.152 Trillion
- Market Cap Pre-Listing: ₦63.06 Trillion | At Listing: ₦65.22 Trillion
4. Use of Proceeds
Funds will go to therefinery expansion program:
- Current: 700,000 barrels/day → Expanding to 1,400,000 barrels/day
- Total cost: ~US$14.3 billion over 5 years. Completion targeted 2029*
- Net proceeds: *₦2.111 Trillion after ₦41.49B offer costs
5. Key Investor Info
- Oversubscription: Company may absorb up to 30% extra, subject to SEC approval.
- Retail Investor Incentive:
Hold min 10 shares for 12 months = Get 1 free bonus share
Hold for 24 months = Get 2nd bonus share. Max 2 bonus shares
- Shariah Compliance: Certified compliant by Buraq Capital per AAOIFI Standard No. 21
6. Financials & Warni
Total Borrowings as at June 2026: ~US$5.67 billion, all secured
- Risks: Prospectus lists several risk factors. Read and do due diligence.
- Fraud Alert: Only invest through *licensed stockbrokers, accredited banks, or the 26 issuing houses listed above*.
In one line:
Dangote Refinery is raising ₦2.15 Trillion at ₦525/share to double capacity by 2029. IPO runs Sept 14 - Oct 13, 2026.