Company: Dangote Petroleum Refinery & Petrochemicals PLC

Offer Price: ₦525 per share

Minimum Investment: 10 shares (₦5,250)

Offer Opens: To be confirmed

Offer Closes: Typically one month after opening

Expected Listing Date: Typically one month after closing

Exchange: Nigerian Exchange (NGX)

Available on Cowrywise: Yes, directly under NG Stocks

What is an IPO?
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An Initial Public Offering (IPO) is the process where a private company sells its shares to the public for the first time. By purchasing shares during an IPO, you become an initial shareholder before the stock begins daily trading on the stock exchange.
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Why is the Dangote Refinery going public?
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The offer allows retail and institutional investors to own equity in the refinery while raising capital to fund operational expansion, including ramping up refining capacity.
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Will the shares also list internationally?
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The primary listing is on the Nigerian Exchange (NGX). While secondary dual-listing (such as on the London Stock Exchange) has been discussed for future phases, this current public offer is on the NGX.
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How much does a share cost?
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The offer price is ₦525 per share.
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What is the minimum amount I can invest?
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The minimum order is 10 shares, which comes out to ₦5,250. You can buy more than 10 shares in multiples of 10 (e.g., 20, 50, 100, 1,000 shares).
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What are the key dates to keep in mind?
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• Application Opens: To be confirmed
• Application Closes: Typically one month after opening
• Allotment & Listing: Typically one month after closing
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Once the offer closes on October 13, applications will be processed, and shares will be credited to investor accounts ahead of formal trading on the NGX.
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Can I buy Dangote Refinery IPO shares on Cowrywise?
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Yes. Cowrywise users can apply for the IPO directly in the app. Stock trading services on Cowrywise are offered in partnership with CFTL Digital Services Limited (an SEC-registered Digital Sub-Broker) and Meristem Stockbrokers Limited.
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How do I apply on Cowrywise?

1. Fund your Stash: Make sure you have enough money in your Cowrywise Stash to cover your purchase.
2. Go to Invest: Tap Invest on the bottom navigation bar and select NG Stocks.
3. Open Public Offers: Tap Explore / + and select the Offers tab.
4. Select Dangote Refinery IPO: Review the prospectus and offer details.
5. Enter your order: Input the number of shares you want to purchase (minimum 10 shares).
6. Confirm: Review the order summary and confirm. Your funds will be reserved for your allocation.
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Do I need a CSCS number or CHN?
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Yes, all Nigerian stock market investors need a Central Securities Clearing System (CSCS) account and Clearing House Number (CHN).
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1. If you already have a CSCS account: Cowrywise links it automatically to your stock profile.
2. If you do not have one: Cowrywise sets one up for you free of charge when you activate NG Stocks on the app.

Am I guaranteed to get all the shares I apply for?

If the IPO is oversubscribed (meaning demand exceeds the 4.1 billion shares available), the issuing house and regulators may scale down allotments proportionally. If you receive fewer shares than you paid for, the balance will be returned directly to your bank account after allotment.
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When can I sell my shares?

Once the shares are officially listed on the NGX, they enter the secondary market. From that day onward, you can trade or sell your shares through the Cowrywise app during normal trading hours (Monday to Friday, 9 AM – 4 PM WAT).
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Will Dangote Refinery pay dividends?
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Yes, dividend distributions depend on company profitability and approvals by the board and shareholders. Because a substantial portion of the refinery's products and petrochemicals are targeted for export, the company has announced plans to explore paying dividends in US Dollars, subject to central bank and regulatory approvals.

Are there extra fees for participating in the IPO?
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During an IPO, you pay the flat offer price per share (₦525).
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Is my investment safe?
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Your shares are registered directly in your name at the CSCS, Nigeria’s central depository. However, keep in mind that stock prices fluctuate based on company performance and broader market forces once trading begins on the exchange.