Dangote Refinery IPO Dates: Opening, Closing and After
The Dangote Refinery IPO opened on 14 September 2026 and closes on 13 October 2026. Why brokers set earlier cut-offs, and the sequence of steps between the close and the first day of trading.
The Dangote Refinery IPO opened on 14 September 2026 and closes on 13 October 2026. Those are the two dates published with the SEC-approved offer of 4.1 billion shares at ₦525 each. The dates for allotment, refunds, crediting of CSCS accounts and listing on the Main Board of the Nigerian Exchange (NGX) are set out in the indicative timetable in the prospectus on ipo.dangote.com, and that timetable is the only reliable source for them.
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The Two Dates That Are Published
- Offer opens: 14 September 2026
- Offer closes: 13 October 2026
The offer period is just over four weeks. An application is only valid if it has been lodged, with full payment, through a licensed broker or a receiving agent named in the prospectus before the offer closes.
Why Your Broker's Deadline Is Earlier Than 13 October
The closing date is the deadline for receiving agents to take in applications, not the last moment an individual can start the process. Brokers usually set their own cut-off a few days before the official close, for practical reasons:
- New clients have to pass identity checks using their BVN and NIN before a broker can act for them.
- A CSCS account and Clearing House Number (CHN) have to be opened for anyone who does not already have one, and the application needs those details.
- Payment has to arrive and be matched to the right application. Bank transfers can be delayed or sent with the wrong reference.
- The broker has to compile its applications and submit them, with the money, before the offer closes.
Nigerians abroad who still need a Non-Resident BVN and a Nigerian bank account have more steps to complete, and each depends on the one before. Ask your broker for its cut-off in writing at the start.
Offer periods in Nigeria can be extended, but only with the approval of the SEC, and an extension is announced publicly. Nothing in the published terms points to one here. Work to 13 October 2026 unless the official offer website says otherwise.
What Happens After the Offer Closes
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The steps below are the usual order for a public offer in Nigeria. They are described without dates on purpose: the dates for this offer are in the prospectus timetable, and even those are indicative because several steps depend on regulatory clearance.
- The offer closes. No new applications are accepted.
- Receiving agents make their returns. Every broker, bank and issuing house that took in applications sends the forms, the schedules and the money to the issuing houses and the registrar.
- The registrar processes applications. Duplicates, incomplete forms and unpaid applications are identified, and the total demand is counted.
- The basis of allotment is prepared and sent to the SEC. The issuer and the issuing houses propose how shares will be shared out, and the SEC has to clear the proposal before anything is allotted.
- The allotment is announced. Once cleared, the result is published and applicants learn how many shares they have been allotted.
- Refunds are paid. Money for applications that were rejected, or for shares applied for but not allotted, is returned to the bank account given on the application.
- CSCS accounts are credited. The registrar lodges the allotted shares with the Central Securities Clearing System (CSCS), and they appear under each investor's CHN.
- The shares list on the NGX. Trading begins on the Main Board on the listing date announced by the exchange.
What Each Step Means for an Applicant
Between the close and the allotment
Your money is held in the offer proceeds account and you own no shares yet. There is nothing to do in this period except keep your proof of payment and the acknowledgement from your broker. No one can tell you your allotment before the SEC has cleared it.
When the allotment is announced
You may be allotted everything you applied for or fewer shares. Allotment is not certain: if valid applications exceed the 4.1 billion shares on offer, applications are scaled back under the cleared basis of allotment.
When refunds are paid
Any refund goes to the bank account on your application. This is why the account details on the form have to be correct and in your own name.
When the CSCS account is credited
The shares become visible in your CSCS account under your CHN. From that point you hold them in your own name, even though trading has not yet begun.
On and after the listing date
The shares can be bought and sold on the NGX during trading hours, 9:00 to 16:00 WAT. The price is then set by the market and can be above or below the ₦525 offer price. Trades settle on T+1, one business day after the trade.
Where the Official Dates Are Published
- The indicative timetable in the prospectus, on ipo.dangote.com
- Announcements on the official offer website during and after the offer
- Notices published by the NGX, including the listing notice for a new security
- Your broker, which passes on allotment and listing news to its clients
Dates shared on social media that cannot be traced to one of those sources are guesses.
See how many days are left, check whether you can apply, and work out what your shares would cost.
Check if You Can ApplyFrequently Asked Questions
When does the Dangote Refinery IPO close?
On 13 October 2026. Brokers usually set an earlier cut-off for their own clients, so the practical deadline for most applicants is a few days before that.
When did the Dangote Refinery IPO open?
On 14 September 2026, after the SEC approved the offer earlier that month.
When will Dangote Refinery shares start trading on the NGX?
After allotment has been cleared and CSCS accounts have been credited. The listing date is in the indicative timetable in the prospectus and is confirmed by an NGX notice. This article does not state a date because the sources it relies on do not give one.
Can I apply on the last day?
Only if your broker or receiving agent is still accepting applications that day and your payment arrives in time. Many will have stopped earlier, and a new client who still needs a CSCS account is unlikely to be set up within a day.
Will the offer be extended?
An extension needs SEC approval and would be announced on the official offer website. Nothing published so far indicates one, so 13 October 2026 is the date to work to.
How long after the close do refunds and shares arrive?
It depends on how quickly the returns are processed and the allotment is cleared by the SEC. The prospectus gives the indicative dates. Refunds and the crediting of CSCS accounts both follow the allotment announcement.
Important disclaimer. This article is for general information and educational purposes only. It does not constitute financial advice, investment advice, or any recommendation to buy, sell, or hold any security. The value of investments can fall as well as rise. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
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