Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) will open its initial public offering on 14 September 2026, a transaction expected to draw broad participation from retail and institutional investors in the Nigerian capital market. FirstBank has been engaged as a Receiving Bank for the offer and will process applications through its digital and branch channels.
The offer comprises 4.1 billion ordinary shares at a price of ₦525 per share, giving the transaction a total value of about ₦2.15 trillion. The minimum subscription is set at 10 shares, equivalent to ₦5,250, with subsequent applications accepted in multiples of 10. Investors are required to make full payment at the point of application, and the offer will close on 13 October 2026.
Under the terms outlined in the prospectus, eligible retail investors may receive bonus shares as an incentive. The net proceeds are earmarked for the expansion of refinery operations, and the shares are expected to be admitted to the Main Board of the Nigerian Exchange Limited.
Key terms of the offer include:
- Offer Price: ₦525 per share - Minimum Subscription: 10 shares (₦5,250), and multiples of 10 thereafter - Opening Date: 14 September 2026 - Closing Date: 13 October 2026 - Payment: Full payment upon application - Retail Investor Incentive: Bonus shares, subject to the Prospectus - Intended Use of Proceeds: Expansion of refinery operations - Listing Venue: Main Board, Nigerian Exchange Limited
FirstBank has listed several channels through which investors can subscribe, including FirstMobile, FirstOnline, the LIT App, PayByLink, FirstDirect for corporate customers, FirstMonie agents, and any FirstBank branch. Detailed subscription guidelines and application links will be published when the offer opens.
The Dangote Refinery is positioned as a significant industrial asset in Nigeria's energy sector, with the potential to strengthen domestic refining capacity and support broader economic growth. Through the listing, investors will have a route to participate in the company's growth as it expands its operations.
FirstBank has stated that it is acting solely as a Receiving Bank for the offer. Prospective investors are advised to review the prospectus carefully and obtain independent professional advice before committing funds.
