WSTC Investor Guide

A landmark IPO is here.

From 14 September 2026, investors are scheduled to have the opportunity to participate in the Public Offer of Dangote Petroleum Refinery and Petrochemicals FZE . At WSTC, we believe recognising a company and making an investment decision are two different things.

● What exactly am I investing in?

● What opportunities and risks should I understand?

● How much should I consider committing?

● How does this fit into my overall portfolio?

Explore the IPO Guide Get Investment Ready Get Ready for the Offer

WSTC Dangote Refinery IPO campaign artwork

Scheduled offer period

14 September 2026 to 13 October 2026.

See offer details

Understand

Start with the offer, not the excitement.

An IPO should be understood before it is bought. Here are the important offer details and the investment questions worth considering.

₦525 Offer price per share

10 shares Minimum application

₦5,250 Minimum subscription

14 Sep Scheduled opening date

13 Oct Scheduled closing date

The offer comprises approximately 4.1 billion new ordinary shares. Applications begin from 10 shares and additional applications are expected to be in multiples of 10 shares. The approved Prospectus and subsequent regulatory notices remain the authoritative source for the final offer terms.

Before you buy

Let's talk about the questions that actually matter.

At WSTC, our role goes beyond helping you execute a transaction. The investment should make sense in the context of your objectives, existing portfolio, time horizon and tolerance for risk.

What exactly am I investing in?

What are the opportunities and risks?

How much of my portfolio should I commit?

Am I investing with a plan, or simply because everyone is talking about the IPO?

The business

What are you investing in?

Dangote Petroleum Refinery purchases crude oil and processes it into products including petrol, diesel, aviation fuel, LPG, residual fuels and petrochemicals such as polypropylene.

Refinery economics

Refiners broadly earn from the difference between the cost of crude oil and the value of the refined products they sell. A rise in crude prices does not automatically mean higher refinery profits.

Current capacity

The supplied offer information describes rerated capacity of approximately 700,000 barrels per day, with a planned expansion toward 1.4 million barrels per day by 2029.

Expansion

The proposed expansion is estimated at approximately US$14.27 billion. The IPO is expected to fund only part of that programme, with other funding potentially coming from operating cash flow and additional financing.

Profitability

The supplied information reports H1 2026 profit after tax of approximately US$1.82 billion. Investors should not assume that an unusually strong six-month period will automatically continue.

Prepare

Choose the path that describes you.

Getting ready early is easier than trying to correct account details during the final days of an offer.

Already a WSTC client?

Confirm that your investment records remain current.

Name and contact details
BVN information
Bank details
CSCS information where applicable

Update My Account BVN Verification

New to WSTC?

If this IPO has prompted you to begin investing in the Nigerian capital market, start with the right investment relationship and records.

Your first share purchase does not have to be your last.

Open a WSTC Investment Account

Investing for a dependant?

The subscription process provides for minors below 18. The parent or guardian must first subscribe for themselves and may then add a dependant.

The minor must have his or her own NIN.

Corporate, joint or estate account?

These account types follow a different subscription process. Applicable forms should be completed and submitted through the relevant WSTC Relationship Officer.

Contact your Relationship Officer early enough to complete the process before the offer closes.

Participate

How to participate through WSTC

Once the Public Offer is officially open, individual investors can use the WSTC subscription portal provided through the NGX offer platform.

Visit the official WSTC subscription portal.

Select Invest Now on the Dangote Refinery offer.

Complete the requested investor information.

Enter the number of shares and select Buy Shares.

Follow the payment instructions displayed on the portal.

Select I've sent the money to complete the subscription.

Get Ready for the Offer Official WSTC Offer Portal

WSTC Securities Limited is a Dealing Member of Nigerian Exchange Limited. Offer participation remains subject to the approved Prospectus and applicable regulatory requirements.

Investment considerations

Understand the risks too.

Every equity investment carries risk. Important considerations identified in the supplied offer information include:

Changes in global refining margins and crude or product prices.

Availability and cost of sufficient crude supply.

Operational concentration at the single Lekki refinery location.

Major equipment, storage, power or marine infrastructure disruption.

Expansion delays and cost overruns.

Additional borrowing or future equity issuance and possible dilution.

Foreign-exchange, fuel-pricing and regulatory changes.

Concentrated ownership and related-party considerations.

Limited public float and potential trading volatility.

The market price after listing may fall below the ₦525 offer price.

Invest safely

When the offer is open, use the official WSTC subscription portal:

https://wstc.ngxgroup.org

Do not send subscription funds to a personal bank account.
Never disclose a banking password, PIN or OTP to someone offering to subscribe on your behalf.
If you are uncertain about a link or payment instruction, confirm with WSTC before proceeding.

Questions answered

Dangote Refinery IPO FAQ

Search the guide or choose a topic. The detailed answers remain here when you need them without overwhelming the main investment journey.

What is the Dangote Refinery IPO?

It is a Public Offer for subscription of new ordinary shares in Dangote Petroleum Refinery and Petrochemicals FZE. The proceeds from the new shares go to the company rather than to existing shareholders selling shares.

What is the offer price and minimum investment?

The offer price is ₦525 per share. The minimum application is 10 shares, equivalent to ₦5,250. Additional applications are expected to be in multiples of 10 shares.

When is the offer scheduled to open and close?

The scheduled offer period is 14 September 2026 to 13 October 2026, subject to the approved Prospectus and subsequent official notices.

How many shares are being offered?

Approximately 4.1 billion new ordinary shares are being offered under the base offer.

How much does the company intend to raise?

The supplied offer information indicates gross proceeds of approximately ₦2.153 trillion under the base offer, with estimated net proceeds of approximately ₦2.111 trillion after offer expenses.

Can the offer size increase?

The supplied information states that, if the offer is oversubscribed, up to 30% more applications may be absorbed, subject to SEC approval.

What will the IPO proceeds be used for?

The proceeds are intended to finance part of the expansion of refining and petrochemical capacity, utilities, infrastructure, equipment and related construction work.

How do individuals subscribe through WSTC?

Once the offer is officially open, visit https://wstc.ngxgroup.org, select Invest Now on the Dangote Refinery offer, provide the requested details, specify the number of shares, follow the payment instructions and confirm payment using "I've sent the money".

What happens after I complete my online subscription?

The subscription platform is expected to create an account for you and send access information to your registered email. A separate confirmation is expected for the subscription placed. You can subsequently log back in to monitor or manage the subscription.

What information will I generally need?

Investors will generally require valid identification information, BVN, a funded naira bank account and an applicable CSCS account or CHN, subject to the requirements of the selected subscription channel.

Can I subscribe for a minor?

Yes. The parent or guardian must first subscribe for themselves. The dependant can then be added through the portal. The minor must have his or her own NIN.

How do corporate, joint and estate accounts subscribe?

These account types are expected to complete the applicable offer subscription forms, submit them through their WSTC Relationship Officer and make payment in accordance with the official subscription instructions.

What does Dangote Petroleum Refinery do?

It purchases crude oil and processes it into refined products including petrol, diesel, aviation fuel, LPG, residual fuel and petrochemicals such as polypropylene.

How does a refinery make money?

A refinery broadly earns from the difference between the cost of crude oil and the value of the refined products produced and sold. This is commonly referred to as the refining margin or crack spread.

Does higher crude oil automatically mean higher refinery profit?

No. Refined-product prices must rise sufficiently to cover higher crude costs and other operating expenses. Crude prices can increase while refinery margins decline.

What determines refinery profitability?

Important factors include refining margins, capacity utilisation, crude cost, product mix, operational reliability, energy and logistics costs, finance costs and regulatory policies.

What is the refinery's current capacity and expansion plan?

The supplied information describes rerated capacity of approximately 700,000 barrels per day, with plans to expand toward 1.4 million barrels per day by 2029.

Will the IPO fully finance the expansion?

No. The supplied information estimates the expansion at approximately US$14.27 billion and indicates that IPO proceeds will fund only part of the programme. Other funding may include operating cash flow and additional financing.

Is Dangote Refinery currently profitable?

The supplied information reports H1 2026 profit after tax of approximately US$1.82 billion, compared with a loss reported for 2025.

Can the H1 2026 profit simply be assumed to continue?

No. Refining is cyclical. The supplied information notes that strong global fuel conditions and refining margins supported the period. Future margins and market conditions may differ.

How much debt and operating cash flow were reported?

The supplied information records secured indebtedness of approximately US$5.67 billion at 30 June 2026, H1 2026 operating cash flow of approximately US$1.27 billion and cash and cash equivalents of approximately US$4.27 billion.

How should I think about the IPO valuation?

The offer places a substantial value on both the existing business and expected future growth. Whether that valuation proves justified will depend on sustainable earnings, refining margins, execution of the expansion programme, financing requirements and business performance after listing.

What is the indicative market capitalisation?

The supplied FAQ indicates an approximate post-listing market capitalisation of ₦65.22 trillion, equivalent to about US$47.8 billion at the prospectus exchange rate.

What is the indicative P/E ratio?

Annualising H1 2026 profit gives an indicative P/E of approximately 13 times. That calculation should be treated cautiously because it assumes an unusually strong six-month period continues.

How much of the company is being offered to the public?

The 4.1 billion base offer shares represent approximately 3.3% of the enlarged share capital according to the supplied offer information.

Will the promoter remain in control?

Yes. The supplied information indicates that Aliko Dangote's beneficial interest is expected to remain approximately 84% after the base offer.

Are dividends guaranteed?

No. Dividends depend on profitability, cash flow, capital expenditure, financing obligations, distributable reserves and Board approval.

Will dividends be paid in US dollars?

The supplied information says the company intends to declare dividends in US dollars, subject to applicable rules, although actual payment may be made in dollars, naira or another permitted currency.

What about the retail investor incentive shares?

Subject to outstanding approvals and the final terms of the offer, the supplied FAQ describes one additional share after a qualifying retail investor continuously holds at least 10 shares for 12 months, and another share after a further 12 months. The maximum described entitlement is two incentive shares regardless of holding size.

Will every applicant receive all the shares requested?

Not necessarily. If the offer is oversubscribed, applications may be scaled down in accordance with the allotment basis approved by the SEC.

What happens to money relating to shares not allotted?

Surplus or rejected application funds are expected to be returned following SEC approval of the allotment, in accordance with the approved process and timetable.

When will the shares begin trading?

Trading is expected after SEC approval of the allotment and crediting of investors' CSCS accounts. The supplied FAQ points to a possible late-November 2026 timing, but this is indicative and may change.

Could the share price rise sharply after listing?

It could, but it could also fall. A relatively small public float may contribute to scarcity and volatility. Investors should not assume that post-listing price appreciation is guaranteed.

Is the IPO suitable for every investor?

No investment is automatically suitable for everyone. Prospective investors should consider their objectives, time horizon, existing portfolio and ability to tolerate equity-market volatility.

What should an investor monitor after listing?

Useful indicators include production and capacity utilisation, refining margins, product prices, crude supply, operating cash flow, debt and finance costs, expansion milestones, petrochemical revenue, dividends, related-party transactions and changes in public float or promoter ownership.

Don't just buy an IPO. Build a portfolio.

The Dangote Refinery Public Offer may be one investment opportunity. Your financial future is bigger than one IPO. Let the decision form part of a considered investment strategy rather than a reaction to market excitement.

Existing WSTC Client

Review your records and speak with your Relationship Manager about your investment readiness.

Review My Account

New Investor

Start your investment relationship with WSTC and build beyond a single public offer.

Open an Investment Account

Ready to Participate

Participate through WSTC Securities when the Public Offer is officially open.

Get Ready for the Offer

Important Information

Investments in equities involve risk. Share prices may rise or fall and investors may lose part or all of their investment.

Prospective investors should carefully read the approved Prospectus and consider the terms, risks and other information contained in it before making an investment decision. Submission of an application does not guarantee allotment.

WSTC does not guarantee investment returns, dividends or future share-price performance. Where appropriate, investors should obtain professional advice based on their individual circumstances.

Offer information, dates, subscription procedures, incentives and other terms remain subject to the approved Prospectus, applicable regulatory requirements and subsequent official notices.