Africa's biggest IPO opens Monday September 14. Here is exactly what to do to get IN.
The group chats are on fire. Your uncle who never talks about investing is asking questions. Financial Twitter has an opinion. And this time, the opportunity is real, Africa's largest refinery, Dangote Petroleum Refinery and Petrochemical FZE, is going public, and everyone can own a piece of it.
Getting ready is not complicated. It just takes a few steps done in the right order, before the window opens, not during. This guide tells you exactly how to get in through InvestNaija by Chapel Hill Denham, when the offer opens on Monday, 14 September 2026. Taking you from 'I'm still sorting out my account.' to ‘I'm already IN!’.
The Dangote Refinery IPO: Key Facts
After the minimum of 10 shares, you can subscribe in multiples of 10. Proceeds will fund the refinery's planned expansion from 700,000 to 1.4 million barrels per day.
First: What Exactly Is an IPO?
If you haven’t read our previous breakdown on what an IPO is don’t worry here’s a refresher! An IPO (Initial Public Offering) is the moment a private company opens its doors to the public and sells shares for the very first time. When you buy shares in the Dangote Refinery IPO, you are buying a small ownership stake in Africa's largest single-train refinery. If the company grows and delivers on its expansion plans, so does the value of your investment.
In Nigeria, IPOs are regulated by the Securities and Exchange Commission (SEC). The regulator approved this offer on 4 September 2026, clearing it for public subscription. Shares will be listed on the Main Board of the Nigerian Exchange (NGX) post allotment.
How to Subscribe Through InvestNaija
Step 1: Download InvestNaija and Create Your Account
InvestNaija is your access point to this IPO and all public offerings on the Nigerian capital market. If you are not already on the app, this is where you start.
- Download InvestNaija from the Apple App Store or Google Play
- Tap Sign Up and enter your name, email, and phone number
- Create a password and verify your email and phone
→ Download InvestNaija — free on the App Store and Google Play
Step 2: Have Your BVN Ready
Your Bank Verification Number (BVN) confirms your identity. Without it, your application will not go through.
No BVN yet? Visit any commercial bank branch with a valid ID. Enrollment is free, but do it now.
Step 3: Get Your CSCS Number
The CSCS (Central Securities Clearing System) holds and records all shares traded on the NGX. You need a CSCS account to receive your Dangote Refinery shares after allotment. If you are new to the market, InvestNaija sets it up for you.
- Log into the InvestNaija app
- Tap Profile, select KYC Status under Account
- Scroll to CSCS Account and follow the steps
- You will receive your CHN (Clearing House Number) by email within 48 hours
NB: If you are already a Chapel Hill Denham Securities (CHDS) customer, please verify your existing CSCS details.
💡 Make sure every detail matches across your ID, BVN, and InvestNaija account. Any mismatch delays your KYC approval.
Step 4: Complete Your KYC Verification
KYC (Know Your Customer) is required by the SEC for all capital market activity. It is completed entirely within the InvestNaija app. You will need your BVN, bank account details, and proof of address.
If your KYC is already approved, you are ahead. If not, do this today.
→ Complete your KYC on InvestNaija now
Step 5: Read the Prospectus
Every IPO is required by law to publish a prospectus, a document that contains everything an investor needs to know about the company before making a decision. It’s approved by the SEC before any offer opens. We know it sounds about as exciting as a plumbing manual. But this is what separates informed investors from people buying on hype. And hype, as history has shown, does not always pay out.
At minimum, look for: the company's financials and revenue trend, what the money raised will be used for, the risk factors section (read it), and how the offer price compares to similar listed companies.
Remember: A big name on the building does not guarantee a big return on your investment. The Dangote Refinery is an extraordinary business. Read the prospectus so your decision is based on facts, not hype.
Step 6: Subscribe!
When the offer opens, select the Dangote Refinery IPO banner on the Quick Actions navigation bar, select the Offer, enter the number of units you want, and complete payment using your preferred payment option on the app.
💡 At ₦5,250 for the minimum 10 shares, the entry point is accessible. Decide your amount in advance so you are not making financial decisions under pressure.
After You Subscribe: What to Expect
Once the offer closes, the issuer and its appointed registrar, reviews all applications and determines who gets what, this is called allotment. If an IPO is oversubscribed (more applications than shares available), you may receive less than you applied for. This is normal. It means other investors wanted in too, which says something about market sentiment. You will be notified once the process is completed.
Once shares are credited to your CSCS account, you are a shareholder. On listing day, you can hold, sell, or buy more, all within the InvestNaija app. What happens on listing day varies: some stocks open above their offer price, others open flat or below. This is why you read the prospectus, so your decision is based on a thesis, not a feeling.
What If You Miss the Window?
It happens. Once shares begin trading on the NGX secondary market, they are available for purchase through the trading module of your InvestNaija app at the open market price. In some cases, the secondary market price is lower than the IPO price. In others, you will pay a premium because demand has driven it up. Either way, being account-ready means you always have options.
Your IPO Readiness Checklist
✅ InvestNaija app downloaded and account verified
✅ BVN confirmed and linked
✅ CSCS/CHN number created
✅ KYC completed and approved
✅ Prospectus read before subscribing
✅ Funds readily available to complete subscription
Every step in this guide exists so that when the Dangote Refinery IPO hits the market, you are already set up. The investors who do well through IPO cycles are the ones who were ready before the announcement.
I'm already IN.
💬 YOUR TURN
Are you ready to subscribe to the Dangote Refinery IPO?
☐ Yes — my account is set up and funded
☐ Almost — I still need to complete my KYC
☐ Not yet — I haven't downloaded InvestNaija
☐ I need more information before I decide
Tell us in the comments, we read every one. 👇
Tag someone who needs to see this guide. This is the kind of opportunity that comes once in a generation, and it should not be a secret.
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Ready to start your journey? Download the InvestNaija app today from the Apple App Store or Google Play Store. With tools like Learn, Save, and Invest, you’ll have everything you need to invest confidently and wisely.
