The wait is finally over! A new opportunity to own a stake in one of Africa’s most significant industrial businesses is now open to all eligible Nigerians.
Starting today, the Dangote Petroleum Refinery & Petrochemicals FZE (DPRP), Africa’s largest oil refinery, is offering shares to the public through an Initial Public Offering (IPO).
Flutterwave is making it easier for Nigerians to participate by serving as a Receiving Agent for the IPO, in partnership with Chapel Hill Denham Securities, an SEC-regulated and NGX-registered stockbroker.
What Is The Dangote Refinery IPO?
An IPO, or Initial Public Offering, is when a company offers its shares to the public for the first time. When your shares are allotted to you, you become a shareholder of the company. If the company grows and makes a profit, you may receive dividends, and you can sell your shares later through a stockbroker.
This offer is for the Dangote Petroleum Refinery and Petrochemicals FZE, the enterprise that owns and runs the largest oil refinery in Africa. Based in the Lekki Free Trade Zone in Lagos, the refinery turns crude oil into everyday products such as petrol, diesel, aviation fuel, and cooking gas. It can process up to 650,000 barrels of crude oil per day, making it one of the largest single-site refineries in the world.
Through the IPO, eligible Nigerians can apply to buy shares in Dangote Refinery. The offer is regulated by the Securities and Exchange Commission (SEC) and listed on the Nigerian Exchange (NGX).
What Is Flutterwave’s Role In The IPO?
Flutterwave is a Receiving Agent for the IPO. In simple terms, we provide a payment channel that allows you to submit your details and funds for the subscription.
To make the process possible, we have partnered with Chapel Hill Denham Securities, an SEC-licensed stockbroker, who holds your shares after you buy and handles everything that follows, including allotment, dividends, and helping you sell later.
You can subscribe to the Dangote Refinery IPO through three channels:
- On our Website: flutterwave.com/dangote
- On your Flutterwave Dashboard: Log in and open the IPO offer directly.
- On Send App: send.flutterwave.com
- On WhatsApp: Subscribe via Owo by Mono without leaving WhatsApp.
Who Can Participate?
Eligible Nigerian investors with a valid Bank Verification Number (BVN) can participate, regardless of where you are in the world. You can also apply for shares on behalf of a minor as a guardian. In that case, you’ll need the minor’s National Identification Number (NIN), along with your own BVN, email address, and phone number.
How Much Does It Cost?
The offer price is ₦525 per share, and the minimum subscription is 10 shares, which means you can start with as little as ₦5,250. Any additional shares must be purchased in multiples of 10—for example, 20, 30, 50, or 100 shares.
How To Subscribe Through Flutterwave
We have designed the process to be really simple. Start by visiting any of the channels and follow these steps:
1. Verify your identity: Provide your BVN to verify your identity.
2. Provide your next-of-kin details: These details are required for the subscription process and help ensure your shares can be properly accounted for.
3. Choose how much you want to invest: Enter the amount you want to subscribe for and see a real-time preview of the number of shares you’re applying for.
4. Set up or confirm your CSCS and CHN details: If you’ve never invested in shares before, Chapel Hill Denham can create these for you.
5. Provide your bank account details: This is the account that will be used for future dividend payments and any applicable refunds. Instead of using a different account, you can create a new Flutterwave Microfinance Bank account here.
6. Pay by bank transfer: Complete your payment using the bank transfer option on the Flutterwave checkout page.
7. Get your confirmation: Once your payment is successful, you’ll receive a subscription confirmation and transaction receipt.
Subscribe to the Dangote Refinery IPO through Flutterwave
Frequently Asked Questions
We’ve anticipated some of your questions and have answered them below:
- What are CSCS and CHN?
If this is your first time investing in shares, terms like CSCS and CHN might sound a little confusing.
CSCS, or the Central Securities Clearing System, is Nigeria’s depository for shares. Think of it as a digital home where your shares are held in your name.
Your CHN (Clearing House Number) is a master identification number that links your share accounts across different stockbrokers.
If you’ve never bought shares before, you don’t need to worry about having either. Chapel Hill Denham will create them for you as part of the process.
- What happens after you subscribe?
Submitting an application doesn’t necessarily mean you’ll receive every share you applied for. If the IPO is oversubscribed, meaning more people apply for shares than are available, an allotment process will determine how many shares each investor receives.
If you receive fewer shares than you applied for, the amount corresponding to the shares you were not allotted will be refunded to the bank account you provided. Once the allotment process is completed and receives the required SEC clearance, your shares will be credited to your CSCS account.
- What happens to your shares after that?
Your shares are not held in your Flutterwave account. Flutterwave is not a stockbroker or portfolio management platform. Once your shares are allotted, you can view and manage them through your stockbroker’s platform or directly through the CSCS portal.
If you are using a newly created CSCS account, Chapel Hill Denham will be your broker. If you’re linking an existing CSCS account, you’ll continue to work with your existing stockbroker.
If you decide to sell your shares in the future, you can do so through your stockbroker on the Nigerian Exchange (NGX).
- What about dividends?
If Dangote Refinery declares dividends, they will be paid directly into the bank account you provided during your subscription.
The amount and timing of any dividends depend on the company’s performance and decisions by its board.
- When is the IPO offer closing?
The offer closes on October 13th, 2026.
We know you have more questions, so we’ve put together a detailed FAQs article; read it to learn more about the Dangote Refinery IPO.
Are You Ready To Be Part of History?
If you’re eligible and have decided that the Dangote Refinery IPO is right for you, you can submit your subscription through the Flutterwave website.
For all our merchants, the subscription option is also available through your Flutterwave Dashboard.
If you have questions about the subscription process, we’re here to help. You can contact us at [email protected].
Important Disclaimer
Flutterwave acts solely as a Receiving Agent for the Dangote Refinery Initial Public Offering, in partnership with SEC-licensed stockbrokers. Flutterwave does not provide investment advice, stockbroking services, or hold investors’ shares. Investing in shares involves risk. Share values may rise or fall, and investors may lose some or all of their investment. Past performance does not guarantee future returns.