Dangote Refinery IPO Price and Minimum Investment
Dangote Refinery IPO shares cost ₦525 each, with a minimum of 10 shares (₦5,250) and applications in multiples of 10. A worked cost table, what is and is not charged in addition, and how payment and refunds work.
The Dangote Refinery IPO price is ₦525 per share. The minimum application is 10 shares, which costs ₦5,250, and larger applications go up in multiples of 10 shares. The price is fixed for the whole offer period, 14 September to 13 October 2026, and is the same for every applicant.
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What Different Applications Cost
The cost of an application is the number of shares multiplied by ₦525. The figures below are arithmetic only.
- 10 shares: ₦5,250
- 50 shares: ₦26,250
- 100 shares: ₦52,500
- 500 shares: ₦262,500
- 1,000 shares: ₦525,000
- 5,000 shares: ₦2,625,000
To work the sum the other way, divide the amount you have in mind by ₦525 and round down to a multiple of 10. For example, ₦100,000 divided by ₦525 is 190.4, so the largest valid application within that amount is 190 shares, which costs ₦99,750.
How the Multiples of 10 Rule Works
Applications must be for 10 shares or a higher multiple of 10: 10, 20, 30 and so on. An application for 15 or 105 shares does not fit the terms. The prospectus application instructions state the rule in full, including any larger multiples that apply above a certain size, so check them before you settle on a number.
A Fixed Offer Price and a Market Price Are Different Things
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During the offer every share is sold at ₦525. That figure was set by the issuer and its advisers and is stated in the SEC-approved prospectus. Once the shares list on the Main Board of the Nigerian Exchange (NGX), there is no fixed price any more. The price is whatever buyers and sellers agree on the day, and it can be above or below ₦525.
So a search for the "Dangote Refinery share price" has two answers depending on timing: ₦525 during the offer, and the latest NGX market price after listing.
What Is Charged in Addition to the Share Price
In the public offer
In a Nigerian public offer the amount payable on application is normally the number of shares multiplied by the offer price. The costs of the offer, such as the fees of the issuing houses, brokers, registrar and regulators, are normally met by the issuer and disclosed in the prospectus, not added to each application.
Two things can still cost you money. Your bank may charge for the transfer, and a broker or app may have its own charge for opening an account or handling an application. Ask the broker to confirm in writing whether it charges anything beyond the application amount before you pay.
When buying or selling on the NGX after listing
Secondary-market trades are different. A purchase or sale on the NGX carries brokerage commission and statutory fees, which typically include NGX, CSCS and SEC fees, stamp duty and VAT on the fees. They are itemised on the contract note for each trade. Rates vary by broker and are revised from time to time, so confirm them with your broker.
Anyone quoting a price for these shares other than ₦525 during the offer period is not selling shares in the public offer. "Pre-IPO" or discounted Dangote Refinery shares offered to the public are a red flag.
How Payment Works
- The offer is priced and paid in naira.
- Payment is made in full with the application. There are no instalments in the published terms.
- You pay from a Nigerian bank account in your own name, into the account your broker or receiving agent confirms in writing.
- Use the payment reference you are given, so the money can be matched to your application.
- Keep your proof of payment and the acknowledgement of your application until the shares are in your CSCS account.
Nigerians abroad fund a Nigerian bank account in naira first. The amount that leaves a foreign account depends on the exchange rate and transfer charges on the day.
How Refunds Work
Allotment is not certain. If valid applications exceed the 4.1 billion shares on offer, applications are scaled back under a basis of allotment that the SEC has to clear. You then receive fewer shares than you applied for and the money for the rest is returned.
As an illustration of the arithmetic only: an applicant who paid ₦525,000 for 1,000 shares and was allotted 600 would receive a refund of ₦210,000, which is 400 shares at ₦525. The refund goes to the bank account given on the application. The prospectus sets out when return monies are paid and whether any interest is due if they are late.
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Check if You Can ApplyFrequently Asked Questions
How much is one share of Dangote Refinery?
₦525 in the public offer. You cannot apply for a single share, though: the minimum application is 10 shares, which costs ₦5,250.
What is the minimum investment in the Dangote Refinery IPO?
₦5,250, which buys the minimum of 10 shares at ₦525 each.
Is there a maximum number of shares I can apply for?
The published headline terms give a minimum and a multiple, not a maximum. Any limit on individual applications, and how large applications are treated at allotment, is in the prospectus.
Can I pay for Dangote Refinery shares in dollars or pounds?
The offer is priced and paid in naira from a Nigerian bank account. Applicants abroad convert their money and fund a Nigerian account before applying.
Do I pay brokerage commission on an IPO application?
Normally the application amount is simply shares multiplied by the offer price, with the costs of the offer met by the issuer. Brokers set their own account and handling charges, so ask yours to confirm what, if anything, it adds.
Will the price still be ₦525 after listing?
Not necessarily. After listing the price is set by trading on the NGX and can move above or below the offer price. ₦525 applies only to shares bought in the offer.
Can I add to my application after I have submitted it?
Whether a second application is accepted, and how multiple applications from one person are treated, is governed by the application instructions in the prospectus. Ask your broker before you submit a second one, because multiple applications can be rejected.
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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