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Dangote IPO opens Sept 14: window and offer terms
The Dangote Refinery IPO runs September 14 to October 13, 2026. A 10-point thread lists the offer terms, from 10-share lots to loyalty free shares. Key details.
A 10-point breakdown of the Dangote Refinery IPO offer terms appeared on X on September 10, 2026, four days before applications open. The offer thread puts the application window at September 14 to October 13, 2026, a full month. Here is what it says, in plain language.
The offer terms, as published
- Window: September 14 to October 13, 2026. One full month to submit an application.
- Lot sizes: Applications come in multiples of 10 shares only: 10, 20, 30, 40, and so on. Odd figures like 19 or 29 are not accepted.
- Use of proceeds: Every naira raised goes into expanding the refinery itself, not into the pockets of early holders, per the thread. Most listings exist so early holders can exit; according to the thread, this one does the opposite.
- Loyalty bonus: Holders who keep their minimum application untouched for 12 straight months receive 1 free share, and a second free share after another 12 months, up to 2 in total. The thread notes this part still needs sign-off from the SEC, the NGX and OGFZA, so treat it as pending rather than confirmed.
- Allotment: The method favours small applicants. Every valid application at or below a published Full Allotment Threshold is filled in full, while scaling back applies only above that line. Small retail applications face the lowest risk of a cut. Dangote Refinery will publish the threshold figure.
- Shariah status: Buraq Capital assessed the issuer against AAOIFI Shariah Standard No. 21 and concluded that holding the shares is permissible.
- Market footprint: The refinery already distributes products in more than 14 countries across Africa, Asia, the US, Brazil and Europe.
- Settlement and listing: Allotted shares land in holders’ CSCS accounts within 15 business days of allotment, and trading on the NGX starts the same day. Allotment begins in November, per the thread.
How this fits the listing timeline
The thread builds on the formal filing story we already covered: Dangote Refinery filed its IPO application with the SEC on July 29, 2026, per our SEC filing breakdown. The September 14 opening date and the November allotment start now give that timeline its first concrete milestones.
If you plan to participate, read our NGX IPO process guide for the application mechanics, and confirm your CSCS account is active, since allotments can only land where an account exists.
Price and size: what the filings now show
The SEC approved the offer on September 5, according to Dangote Group via Reuters reporting covered by Nairametrics. The approved terms put numbers to the timeline:
- Offer price: N525 per share, for 4.1 billion ordinary shares, which raises about N2.15 trillion if fully subscribed.
- Implied valuation: the SEC also registered 120.13 billion existing shares, implying about $47 billion on Reuters’ math. Whether that price is justified is the core debate in our IPO valuation checklist.
- Greenshoe: a 15 per cent over-allotment option, which lets the company place more shares if demand runs past the base offer.
- Opening: the order book opens September 14, per a source familiar with the transaction.
- Next step: a formal signing ceremony with the NGX is expected next week, per Reuters company sources.
Dangote said the offer spans Africa, not Nigeria alone: “This is not a Nigerian listing. It’s an African listing, and we are going to pay everybody, including the Nigerian listing, in dollar terms,” speaking at a business meeting in Botswana. The group targets more than $12 billion in EBITDA and plans to channel proceeds into doubling capacity toward 1.4 million barrels per day. The official offer site at ipo.dangote.com presents it as an offer for the people, with applications open to eligible participants.
What to watch
With SEC approval secured on September 5, the September 14 opening itself, the NGX signing ceremony expected next week, the published Full Allotment Threshold figure, the remaining sign-off on the loyalty bonus, and the November allotment with trading starting the same day shares hit CSCS accounts.
A note on participation channels
Bamboo is another option for submitting an application. The company published the term breakdown on its X account, offers app-based applications ahead of September 14, and advertised a free webinar on the offer for September 11 at 4pm WAT. See how that channel works if you prefer to apply that way.
Frequently asked questions
Frequently asked questions
When does the Dangote IPO application window open?
September 14 to October 13, 2026, according to the September 10 offer thread. Confirm it against the prospectus when published.
How many shares can I apply for in the Dangote IPO?
Multiples of 10 shares only: 10, 20, 30, 40, and so on. Odd figures are not accepted, per the thread.
When will Dangote IPO shares appear in my CSCS account?
Within 15 business days of allotment, with NGX trading starting the same day. Allotment begins in November, per the offer thread.
What is the Dangote IPO offer price?
N525 per share for 4.1 billion shares, about N2.15 trillion if fully subscribed, with a 15 per cent greenshoe option, per September 5 reporting by Nairametrics on the SEC approval.
Verify: the offer terms above come from the September 10 offer thread on X.
