Applied for Dangote refinery shares? What happens between now and the first day of trading
The ₦2.15 trillion public offer closed on 27 October. Allotment, refunds and the listing still have to happen. Here is the order of events, and the dates so far.
In 30 seconds
- The Dangote Petroleum Refinery offer of 4.1 billion shares at ₦525 each closed on 27 October.
- The basis of allotment is due with the SEC by about 10 November, with approval expected around 17 November, Legit.ng and The Rio Times reported.
- If you get fewer shares than you paid for, the extra money goes back to your bank account.
- Shares land in your CSCS account. No first trading date has been announced.
More than two million people had applied for Dangote refinery shares through digital channels alone by late October, Reuters reported. The offer is now closed, but the shares are not yet in anyone's account. Here is what happens next.
Where things stand
The offer of 4.1 billion shares at ₦525 each, worth about ₦2.15 trillion, closed on Tuesday, 27 October. It had been due to close on 13 October, but the SEC allowed a two-week extension. The smallest order was 10 shares, or ₦5,250.
The company has not published how much money came in. Reuters, citing people close to the sale, reported orders of about three times the target. The company can sell up to 30% more shares if demand is high, subject to SEC approval.
Step 1: checking the applications
The registrars are now checking every application, the offer website says. Details such as your BVN, CHN and bank account need to match.
Step 2: allotment
The issuing houses send a proposed basis of allotment to the SEC. Legit.ng and The Rio Times reported that this is due by about 10 November, with approval expected around 17 November. The allotment is announced once the SEC approves.
If the offer is oversubscribed, not everyone gets all the shares they asked for. The company has said applications of ₦50,000 or less get priority, Legit.ng reported.
Step 3: refunds
If you get fewer shares than you paid for, the extra money goes back to your bank account, with any interest earned on it, according to the offer website. The Rio Times reported a five-business-day window for refunds; the company has not confirmed a date.
Step 4: shares in your account, then trading
Your shares are credited to your CSCS account. If you applied without one, Coronation Registrars holds them for you.
Then the shares list on the Nigerian Exchange. No first trading day has been announced, and reports differ: Reuters cited a plan to list later in November, while Legit.ng projected December.
What it means for you
Wait for the official allotment announcement before assuming how many shares you have. Ask the bank, app or broker you applied through if anything is unclear.
The offer website warns: "Do not pay anyone who offers you shares in this IPO." The sale is closed, so anyone selling you "Dangote IPO shares" now is not part of it. The company's toll-free line is 0800 000 DIPO and its email is [email protected].
Once trading starts, the price can rise or fall below ₦525. A share is part-ownership of a business, not a savings account.
Words to know
- IPO
- Initial public offering, when a company sells shares to the public for the first time.
- Allotment
- The decision on how many shares each applicant actually gets.
- SEC
- The Securities and Exchange Commission, which regulates share sales in Nigeria and must approve the allotment.
- CSCS
- The Central Securities Clearing System, where your shares are held electronically under your CHN number.
- NGX
- The Nigerian Exchange, where the shares will trade.
Sources
- Dangote Petroleum Refinery offer website: The offer has closed (checked 4 Nov 2026)
- Legit.ng: Dangote Refinery closes $1.6bn IPO as investors from 119 countries rush for shares (29 Oct 2026)
- The Rio Times: Dangote Refinery IPO allotment, what happens next (1 Nov 2026)
- Reuters via CNBC Africa: Dangote refinery IPO draws three times target demand, sources say (28 Oct 2026)
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