Dangote Refinery IPO Prospectus: What It Contains

The Dangote Refinery IPO prospectus is the legal offer document for the sale of 4.1 billion ordinary shares in Dangote Petroleum Refinery & Petrochemicals FZE at ₦525 each, open from 14 September to 13 October 2026. It is published on the official offer website, ipo.dangote.com, and it is the authority on every term of the offer. Anything a broker, an app or an article says about the offer, including this one, is a summary that the prospectus overrides.

What a Prospectus Is

A prospectus is the document a company must publish before it invites the public to apply for its shares. In Nigeria it is reviewed and registered by the Securities and Exchange Commission (SEC) before the offer opens. The directors and the professional advisers named in it take legal responsibility for what it says.

SEC registration means the document meets the disclosure rules. It is not a view from the regulator on the merits of the shares, and the prospectus itself says so, usually in bold type on the first page.

The Headline Terms Already Published

• Issuer: Dangote Petroleum Refinery & Petrochemicals FZE
• Offer: 4.1 billion ordinary shares, about ₦2.15 trillion in total
• Price: ₦525 per share
• Minimum application: 10 shares (₦5,250), then multiples of 10
• Offer period: 14 September 2026 to 13 October 2026
• Listing: Main Board of the Nigerian Exchange (NGX)

Those are the terms as published in September 2026. Details that this article does not state, such as the full list of receiving agents, the allotment policy, the timetable after the close and the detailed use of proceeds, are in the prospectus and should be read there.

The Sections of a Nigerian Prospectus and How to Read Them

Nigerian prospectuses follow a broadly similar order because the SEC rules prescribe what must be disclosed. A non-specialist does not need to read every page with equal care. The sections below are the ones that answer the questions most applicants have.

Summary of the offer

A few pages near the front that state the issuer, the number of shares, the price, the minimum application, the opening and closing dates, the indicative timetable and the parties to the offer. Read this first. If any figure here differs from what a seller has told you, the prospectus is right and the seller is wrong.

Parties to the offer

This lists the directors, the issuing houses, the stockbrokers to the offer, the registrar, the receiving banks, the auditors, the reporting accountants and the solicitors. It matters for a practical reason: it is the official list of who is involved, so it is where you check whether a firm asking for your money has any role in the offer at all.

Use of proceeds

A table showing what the money raised will be spent on, the amount or percentage for each purpose, and the estimated costs of the offer. The proceeds of this offer have been described as earmarked for expanding the capacity of the refinery. The breakdown and the timing are in this section of the prospectus.

Risk factors

A list of the things that could harm the business or the value of the shares. It is written by lawyers and can run to many pages, but it is the most candid part of the document. For a refinery the disclosed risks typically include crude oil costs, fuel prices, exchange rates, regulation and how reliably the plant runs. Read each heading and ask whether you understand the risk being described.

Financial statements and the reporting accountants' report

Several years of income statements, balance sheets and cash flow statements, with a report from independent accountants. A non-specialist can look at four lines across the years: revenue, profit or loss after tax, total borrowings and cash generated from operations. Any profit forecast in the document is a forecast made on stated assumptions, not a promise.

Statutory and general information

The legal back matter: incorporation details, share capital history, the shareholding structure before and after the offer, directors' interests, related-party transactions, material contracts, claims and litigation, and the consents of the advisers. The shareholding table shows how much of the company the public will own after the offer.

Procedure for application and allotment

The rules on how to apply: the minimum and the multiples, how to pay, who the receiving agents are, how allotment will be decided and how money for unallotted shares is returned. This section, not any third party, decides what counts as a valid application.

Application form and instructions

The form at the back asks for your name, address, the number of shares applied for, the amount paid, your bank details for any refund, and your CSCS account number and Clearing House Number (CHN) so the shares can be credited electronically. The stamp of the receiving agent goes on the form. Digital application channels collect the same information.

Where to Get the Genuine Document

• The official offer website, ipo.dangote.com. Type the address yourself instead of following a link in a message.
• The issuing houses named in the prospectus, which hold copies for distribution.
• A stockbroker licensed by the SEC and the NGX. Shares Saver works with Crown Capital Limited, an NGX trading licence holder, which accepts applications for this offer.

How to Spot a Fake Prospectus PDF

• It arrived by WhatsApp, Telegram or email from someone you do not know, with a payment account attached.
• The price, dates or minimum differ from ₦525, 14 September to 13 October 2026, and 10 shares.
• It offers "pre-IPO", discounted or bonus shares. The public can only buy through the public offer at the offer price.
• It names a personal bank account, a crypto wallet or a payment link as the way to pay.
• It promises a certain allotment or a return. A registered prospectus never does.
• The parties page is missing, or names firms you cannot find on the SEC Nigeria or NGX websites.
• Pages are missing, blurred or visibly edited, or the file is only a few pages long.

If a copy differs in any way from the one on the official offer website, treat the official one as correct and do not pay anyone on the strength of the other.

Frequently Asked Questions

Where can I download the Dangote Refinery IPO prospectus?

From the official offer website, ipo.dangote.com. Copies are also available from the issuing houses and licensed stockbrokers handling applications.

Does SEC approval mean the shares are safe?

It means the offer document met the disclosure rules and the offer may lawfully be made to the public. It says nothing about how the business or the share price will perform, and shares can fall in value as well as rise.

Is the prospectus free, or do I have to pay for it?

It is free. Nobody needs to pay for a copy of a prospectus or an application form, and a request for payment to release one is a warning sign.

Which section tells me how my application will be treated?

The procedure for application and allotment. It sets out the minimum, the multiples, how allotment is decided if applications exceed the shares on offer, and how refunds are paid.

Does the prospectus say what the share price will be after listing?

No. It states the offer price of ₦525. Once the shares trade on the NGX the price is set by buyers and sellers and can be above or below the offer price.

What if a broker tells me something different from the prospectus?

The prospectus prevails. A broker can set its own earlier cut-off for applications and its own account-opening process, but it cannot change the price, the minimum or the terms of the offer.