Several Nigerian banks have activated subscription channels for their customers to participate in the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE.

The public offer, which commenced on Monday, September 14, 2026, gives Nigerians and other eligible investors an opportunity to acquire shares in the Dangote refinery, one of Africa’s largest industrial projects.

The offer comprises 4.1 billion ordinary shares priced at ₦525 per share, while the minimum subscription is 10 shares, valued at ₦5,250.

Among the financial institutions that have activated channels for investors are United Bank for Africa, FirstBank, Zenith Bank and Lotus Bank, alongside other approved banks and financial technology platforms.

UBA has opened a subscription channel through which its customers and other eligible investors can participate in the offer, while FirstBank has made subscription available through multiple channels, including its digital banking platforms and branches.

Zenith Bank has also activated digital and branch channels for customers interested in purchasing shares under the offer.

Lotus Bank has equally opened a channel for eligible customers and investors to participate in the Dangote Refinery IPO, further expanding access to the public offer through the banking sector.

The development follows the approval of several distribution channels for the IPO, comprising banks, fintech companies, mobile operators and the NGX Invest platform.

Investors have been advised to use only officially approved channels when subscribing to the offer and to exercise caution against fraudulent platforms or individuals claiming to represent the refinery or its advisers.

The Dangote Refinery IPO is scheduled to run from September 14 to October 13, 2026. The offer is expected to broaden public ownership of the refinery while providing investors with an opportunity to participate in the future growth of the company.

Proceeds from the offer are expected to support the refinery's expansion plans, including increasing its crude-processing capacity from about 700,000 barrels per day to 1.4 million barrels per day.

The IPO has generated considerable interest among retail investors, particularly because the minimum investment requirement allows individuals to participate with as little as ₦5,250.

However, investors should understand that purchasing shares does not guarantee a profit or fixed monthly income. Any return will depend on the future market value of the shares and dividends, if declared by the company.