Dangote Refinery IPO Allotment: What Happens After You Apply

After the Dangote Refinery IPO closes on 13 October 2026, applications are counted, a basis of allotment is cleared by the SEC, money for unallotted shares is refunded to applicants' bank accounts, and allotted shares are credited to each investor's CSCS account under their Clearing House Number (CHN). The shares then list on the Main Board of the Nigerian Exchange (NGX). Allotment is not certain, and once trading starts the price can move above or below the ₦525 offer price.

Stage 1: Applications Are Counted

Receiving agents send their applications and the money to the issuing houses and the registrar. The registrar checks each application against the rules in the prospectus. Applications can be rejected at this point for reasons such as missing payment, an amount that does not match the shares applied for, a number of shares that is not a multiple of 10, or multiple applications where the prospectus forbids them.

Stage 2: Allotment and Scaling Back

Allotment is the decision on how many shares each valid applicant receives. There are 4.1 billion shares on offer. If valid applications add up to that number or fewer, applicants can be allotted in full. If they add up to more, the offer is oversubscribed and applications are scaled back so the total fits.

The method is called the basis of allotment. In Nigerian offers it often treats smaller applications more favourably than larger ones, for example by allotting a first tranche in full and the remainder pro rata, but the actual method is specific to each offer. For this offer it is governed by the prospectus and has to be cleared by the SEC before it takes effect. Nobody, including your broker, knows your allotment before that.

Stage 3: Refunds

If your application is rejected or scaled back, the money for the shares you did not receive is returned. The registrar pays it electronically to the bank account written on your application. The refund is the number of unallotted shares multiplied by ₦525.

• Check that the account on your application is in your own name and still open.
• Expect the refund after the allotment announcement, not before it.
• The prospectus states when return monies are due and what happens if they are paid late.
• If a refund does not arrive, contact the broker or agent you applied through, then the registrar named in the prospectus.

Stage 4: Shares Are Credited to Your CSCS Account

Shares in Nigeria are held electronically at the Central Securities Clearing System (CSCS). The registrar lodges each allotment with the CSCS using the CSCS account number and CHN given on the application, and the shares then show as a holding in your own name.

How to check your CSCS account

• Ask your broker. The holding appears on the broker's platform or on a statement it can send you.
• Use the CSCS's own investor services to view your holdings or request a statement under your CHN.
• If you are subscribed to CSCS trade alerts, note that they report movements on your account. Ask your broker whether an allotment credit triggers one.

The name of the security in your account will be the one assigned by the NGX and the CSCS for the new listing, which may be an abbreviation. Confirm it against the NGX listing notice.

Stage 5: Listing on the Main Board

Listing is the day the shares are admitted to trade on the NGX. The exchange announces the date, the ticker symbol and the listing price in a notice. The listing date for this offer is in the indicative timetable in the prospectus. It is not stated here because the published sources this article relies on do not give it.

What Changes Once the Shares Trade

• Market price: the ₦525 offer price no longer applies to new purchases. The price is set by buyers and sellers and can be higher or lower than the offer price.
• Trading hours: the NGX trades from 9:00 to 16:00 WAT on business days.
• Settlement: trades settle on T+1, one business day after the trade. A purchase shows in the CSCS account, and sale proceeds become due, on that cycle.
• Daily price limit: NGX rules restrict how far a share price can move in one day, published as ten per cent either side of the reference price for equities. How the reference price is set for the first day of a new listing is decided by the exchange, so check the listing notice and confirm the current limits with your broker or on the NGX website.
• Costs: buying or selling on the exchange carries brokerage commission and statutory fees, unlike the application in the offer. Ask your broker for its rates.
• Dividends: any dividends the company declares in future are paid net of 10% withholding tax.

An allottee has no obligation to do anything on listing day. The holding stays in the CSCS account in the investor's name until they instruct a broker otherwise.

If Your Shares Do Not Appear

1. Check the allotment announcement first. If allotment has not been announced, nothing will be in your account yet.
2. Check whether you received a full or partial refund. A full refund means the application was not allotted.
3. Confirm with your broker that the CSCS account number and CHN on your application were correct and that the account is active.
4. Ask the broker or agent you applied through to trace the application using your acknowledgement and proof of payment.
5. If that does not resolve it, contact the registrar named in the prospectus with the same documents.
6. If you still have no answer, the SEC handles complaints about capital market operators.

Where an application had no valid CSCS details, registrars in Nigeria have in the past held the allotment until the investor provides them. Your broker can tell you how that is handled for this offer.

Frequently Asked Questions

How do I check my Dangote Refinery IPO allotment?

Through the broker or agent you applied with, and then in your CSCS account once shares are credited. The allotment result is announced after the SEC clears the basis of allotment, and the official offer website, ipo.dangote.com, is the place to look for the announcement.

When is the Dangote Refinery IPO allotment date?

It falls after the offer closes on 13 October 2026 and depends on SEC clearance. The indicative date is in the prospectus timetable. This article does not state one.

Will I get all the shares I applied for, or fewer?

Either is possible. If valid applications exceed the 4.1 billion shares on offer, applications are scaled back and you receive fewer shares, with the difference refunded. If they do not, applications can be met in full.

Where does my refund go?

To the Nigerian bank account you gave on the application, by electronic transfer from the registrar. It does not go back through the app or to a different account.

Can I sell my shares before they list?

Shares bought in the offer trade on the NGX from the listing date. Before then there is no exchange market for them, and anyone offering to buy or sell allotments privately is outside the regulated process.

Will I receive a share certificate?

Holdings in Nigerian listed companies are electronic. Your proof of ownership is the holding in your CSCS account under your CHN, backed by the company's register kept by the registrar.