The Offer
Dangote Petroleum Refinery and Petrochemicals FZE is selling up to 4.1 billion new shares (about 3%) at a fixed ₦525 each to raise up to ₦2.15 trillion (≈ KES 202 billion / US$1.6 billion), with a greenshoe of up to 30% more shares. Shares will list on the Main Board of the Nigerian Exchange (NGX), with trading indicatively expected in late November 2026. Net proceeds of about ₦2.11 trillion (Ksh198 billion / US$1.5 billion) will fund Phase II, adding a second crude unit to lift capacity to 1.4 million barrels per day by 2029. The minimum application depends on the route: 10 shares (₦5,250) through retail channels and platforms, or 50,000 shares (₦26.25 million) on the Investor Application Form, which is the direct route for Kenyans and other non-Nigerians.
About Dangote Refinery
Based in the Lekki Free Zone, Lagos, the refinery has a rerated capacity of 700,000 barrels per day and produces Euro V-standard petrol, diesel and jet fuel, plus polypropylene, for Nigeria and export markets. The FY2025 loss came during commissioning. Management has ruled out a foreign listing for at least three years, and the planned Nairobi cross-listing was dropped for this round.
| H1 2026 REVENUE₦19.13 trnKsh1.8 trn / US$13.9 bn | H1 2026 PROFIT AFTER TAX₦2.50 trnKsh235 bn / US$1.8 bn | FY2025 (COMMISSIONING)Loss of ₦723 bnKsh68 bn / US$525 mn | TOTAL ASSETS₦29.07 trnKsh2.7 trn / US$21 bn | NET DEBT / EBITDA0.27xLeverage ratio |
How Kenyan Investors Can Participate
Kenyans and other non-Nigerians have two ways in. Going direct through Ecobank or Stanbic (SBG Securities) means a minimum of 50,000 shares, about Ksh2.5 million, with the shares registered in your own name. Going indirect through a platform such as MyStocks Africa lets you start from 10 shares: the platform buys and on-sells to you, so the shares sit in the custodian’s name and are recorded in the custodian’s books rather than yours.
| Firm / platform | Route and minimum | How it works |
| Ecobank Kenya | Direct: 50,000 shares = ₦26.25 mn (Ksh2.5 mn / US$19,000), then multiples of 10 | Approved African Distribution Channel. Visit an Ecobank branch; order goes on the Investor Application Form, paid in naira. Confirm it is accepting Kenyan applications. |
| SBG Securities (Stanbic, Nairobi) | Direct: 50,000 shares = ₦26.25 mn (Ksh2.5 mn / US$19,000), then multiples of 10 | Same approved channel and terms as Ecobank; confirm Kenyan applications are being taken. |
| MyStocks Africa | Indirect: 10 shares = ₦5,250 (Ksh495) | Open to Kenyan residents after ID checks; partner broker is Chapel Hill Denham. Fund in KES, converted to USD, then reserve shares. The shares sit in the custodian’s name, so no Nigerian bank account, BVN or personal CSCS account is needed. mystocks.africa |
| Daba Finance | Indirect: from 10 shares (confirm on platform) | Pan-African platform with a verified NGX/CSCS access channel for the offer; confirm Kenyan eligibility rules yourself. dabafinance.com |
| UBA Kenya, Access Bank / NBK, Bamboo | Not confirmed | Parent groups are approved channels in Nigeria, mainly for BVN holders; Bamboo serves Uganda, Tanzania and Rwanda. Kenyan access not yet confirmed. |
Before you apply
- Naira and costs: the offer is priced in naira; confirm currency-conversion costs, fees, tax and settlement arrangements first.
- One application per person: the prospectus allows a single application, whether in your own name or through a nominee, so pick one route.
- Allocation: not guaranteed; if oversubscribed, unallotted funds are refunded. Returns carry naira currency risk.
- Stay safe: CMA has warned that the IPO is not regulated in Kenya but only in Nigeria. Use only approved channels listed at ipo.dangote.com (Dangote and Nigeria’s SEC warning); there is no legitimate pre-IPO market. NSE CEO Frank Mwiti is pushing for an East African route, so a local channel may still emerge.
This is general information, not investment advice.
Sources: Dangote Petroleum Refinery & Petrochemicals FZE 2026 Prospectus (Summary of the Offer; Procedure for Application and Allotment); ipo.dangote.com; Business Daily Africa; TechCabal Daily (21 Sept 2026); MyStocks Africa, mystocks.africa/dangote-ipo/kenya; Serrari Group; Daba Finance, dabafinance.com/en/dangote-ipo; BusinessDay Nigeria (Sept 2026); Brand Spur Nigeria; The Kenya Times; The Standard (Kenya); Reuters; Wise and fx-rate.net (exchange rates).
