The wait is over. The Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) is now live, giving eligible Nigerians a chance to own a direct stake in Africa’s largest single-train refinery.
The Offer at a Glance
- Issuer: Dangote Petroleum Refinery & Petrochemicals FZE
- Offer size: 4.1 billion ordinary shares
- Offer price: ₦525 per share
- Target value: Approximately ₦2.15 trillion if fully subscribed
- Minimum subscription: 10 shares (₦5,250), with further applications in multiples of 10
- Payment: In full on application
- Use of proceeds: Refinery expansion capital expenditure
- Retail incentive: Eligible retail investors may qualify for bonus shares at no extra cost, subject to the Prospectus
- Closing date: 13 October 2026
- Listing venue: Main Board of the Nigerian Exchange Limited (NGX)
A network of receiving banks has been mobilised to make subscription simple, whether an investor prefers a mobile app, USSD code, online banking portal, or an in-branch visit. Here’s how each bank is guiding its customers through the process.
Access Bank: Subscribe From Your Phone, Browser, or Branch
Access Bank is positioning convenience at the centre of its offering, with four distinct channels for interested investors:
- AccessMore App — Log in and subscribe directly from a mobile device.
- USSD — Dial 90133*[Number of Shares]# to subscribe without internet access.
- Any Access Bank Branch — Walk in and complete the subscription in person.
- Access Bank Web — Visit stocks.accessbankplc.com and follow the online prompts.
Before subscribing, Access Bank advises customers to:
- Ensure their account is adequately funded
- Have their BVN readily available
- Update the AccessMore app to the latest version
- Speak with a Relationship Manager for further guidance
The bank describes its goal as making the process “seamless, secure and stress-free from start to finish.”
Fidelity Bank: A Channel for Every Type of Customer
Fidelity Bank has structured its process around customer type, ensuring both existing clients and newcomers have a clear path to participate:
- Retail customers can apply through the Fidelity Mobile App or Fidelity Online Banking.
- Corporate customers can apply via Fidelity Corporate Online Banking, using their organisation’s existing approval workflow.
- Non-Fidelity customers can still participate by visiting www.fidelitybank.ng and using the Virtual Account Payment option.
To get ready, applicants need: their BVN, bank account details, investor information, and sufficient funds. Anyone applying on behalf of a minor will also need the minor’s valid NIN and the required guardian information. The process itself is straightforward — select a channel, enter details, choose the number of shares, authorise payment, and save the transaction reference.
Fidelity Bank is clear that it acts solely as a receiving and processing institution for the offer, does not provide investment advice or guarantee returns, and urges investors to review the Offer Prospectus carefully before making independent decisions.
FirstBank: Multiple Entry Points, Including Agency Banking
FirstBank stands out for the sheer breadth of its access points. Customers can buy shares through:
- FirstMobile
- FirstOnline
- LIT App
- FirstDirect (for corporate customers)
- FirstBank Agency Banking outlets
- Any FirstBank branch
This mix means even customers in areas without a physical branch can subscribe through an agency banking outlet, a notable inclusion aimed at widening retail access beyond Nigeria’s major cities.
FirstBank reiterates the core offer terms — ₦525 per share, a ₦5,250 minimum subscription, full payment on application, and possible bonus shares for eligible retail investors — while stressing that it acts solely as a Receiving Bank. Investment decisions, the bank notes, should be based on the Prospectus, with independent professional advice sought where necessary.
Sterling Bank: A Guided, Step-by-Step Digital Experience
Sterling Bank has built out two distinct app-based journeys — OneBank and Banca, each with a structured, four-step flow.
Buy With OneBank
Designed for investors building a portfolio or investing on behalf of a minor:
Find the offer — Open OneBank, select the Dangote Shares icon, and confirm personal details.
Choose who you’re investing for — Select yourself or a minor, entering the minor’s NIN if applicable.
Add your investment details — Enter a Clearing House Number (CHN) if available, select a stockbroker, and choose debit and dividend accounts.
Review and submit — Check the order summary and payable amount, then confirm with a transaction PIN.
Before starting, investors should have their account, transaction PIN, and stockbroker details ready — plus the minor’s NIN if investing on a minor’s behalf.
Buy With Banca
A parallel option for Sterling’s Banca app users:
- Start your subscription — Select the Dangote Refinery IPO banner, review the offer, and choose “Buy Shares.”
- Confirm your details — Review pre-filled information and select a stockbroker; a CSCS account can be opened through a partner broker if needed.
- Review and authorise — Check share quantity, total amount, and charges, then authorise with a PIN and, for purchases above ₦5 million, a OneToken OTP.
- Track your application — Monitor status under Purchase Details, with confirmation sent by email and phone.
Sterling’s approach reflects a strong emphasis on guided, self-service digital investing, with built-in support for stockbroker selection and minor-investor participation.
The Bottom Line
Across Access Bank, Fidelity Bank, FirstBank, and Sterling Bank, the message is consistent: subscribing to the Dangote Refinery IPO has been made accessible through mobile apps, USSD, web portals, agency outlets, and branches alike. Minimum entry remains ₦5,250, with the offer priced at ₦525 per share and open until 13 October 2026 on the Main Board of the Nigerian Exchange.
Each bank, however, is careful to note that it functions purely as a receiving or processing institution. None offers investment advice or guarantees on returns. Prospective investors are strongly encouraged to read the Offer Prospectus in full and, where necessary, seek independent professional advice before committing funds.