Dangote Refinery IPO: Full List of 32 Approved Channels Nigerians Can Use to Buy Shares

The Dangote Petroleum Refinery and Petrochemicals FZE has approved 32 electronic channels through which Nigerians and other eligible investors can subscribe for shares in its highly anticipated initial public offering (IPO), expanding access to the landmark offer across banks, fintech platforms, mobile-money services and the Nigerian Exchange (NGX).

The approved network comprises 19 banks, 10 fintech platforms, two mobile-money operators and NGX Invest, according to the refinery’s official IPO subscription portal. Investors have been advised to use only the approved channels when submitting applications.

The 19 participating banks are Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus Bank, Stanbic IBTC, Sterling Bank, TAJ Bank, UBA, Union Bank, Wema Bank and Zenith Bank. These institutions will provide approved digital and other subscription routes for eligible investors.

The approved fintech channels are Bamboo, Flutterwave, InvestNaija, Ladder, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest and We.Yan. The inclusion of digital investment and payment platforms is part of the broader effort to make the offer accessible to a large number of retail investors.

The two approved mobile-money channels are Airtel SmartCash and MTN MoMo, while NGX Invest completes the list of 32 approved channels. The official Dangote IPO portal specifically warns prospective investors to subscribe only through channels listed on the approved platform.

The IPO involves 4.1 billion ordinary shares priced at ₦525 per share, with the offer expected to raise approximately ₦2.1525 trillion if fully subscribed. The minimum subscription is 10 shares, meaning an investor can begin with ₦5,250.

The public offer is scheduled to open on September 14, 2026, and close on October 13, 2026. The proceeds are expected to help partly finance the refinery’s expansion programme, which includes plans to increase refining capacity to approximately 1.4 million barrels per day.

The refinery, located in the Lekki Free Trade Zone in Lagos, currently has a designed processing capacity of 650,000 barrels of crude oil per day, although it has achieved processing rates of up to 700,000 barrels per day. Commercial operations began in January 2024, with the facility subsequently expanding its production of petrol, diesel, aviation fuel, LPG and petrochemical products.

The offering is structured as an Offer for Subscription, meaning the new shares are being created and sold to the public, with the proceeds going to the refinery rather than existing shareholders selling their holdings. Eligible retail investors are expected to provide details including their BVN and bank information when applying.

The digital structure is designed to lower the barriers to participation. According to Chapel Hill Denham’s investment banking chief, Lanre Buluro, eligible applicants can use a mobile phone or computer and, through approved platforms, complete the subscription process digitally. A CSCS account can also be created through the process for applicants who do not already have one, subject to the applicable arrangements.

The Dangote IPO is attracting substantial attention because of the scale of the refinery and the size of the proposed capital-market transaction. However, prospective investors are being advised to study the prospectus and understand the risks before committing funds. Importantly, submitting an application does not guarantee that an investor will receive all the shares requested, particularly if the offer is oversubscribed.

The 32 approved channels at a glance:
Banks: Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus Bank, Stanbic IBTC, Sterling Bank, TAJ Bank, UBA, Union Bank, Wema Bank, Zenith Bank.
Fintechs: Bamboo, Flutterwave, InvestNaija, Ladder, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest, We.Yan.
Mobile Money: Airtel SmartCash, MTN MoMo.
Exchange platform: NGX Invest.