Dangote Refinery IPO: Zenith Bank Opens Doors for Nigerians at Home, Abroad

LAGOS, Nigeria: Nigerians at home and in the diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe through Zenith Bank, one of the receiving banks and designated electronic application channels for the historic offer.

Applications can be made through the Zenith Bank website, Zenith Mobile App, internet banking, USSD, corporate internet banking and at any Zenith Bank branch nationwide.

The bank said its extensive network, comprising 456 branches and 84 cash centres, provides investors with convenient access to the offer, whether they are applying digitally from abroad or physically at a Zenith Bank branch in Nigeria.

Subscription applications are linked to investors’ Bank Verification Numbers (BVN), providing an additional layer of identification and security throughout the application and allotment process.

The Dangote Refinery IPO opens on Monday, September 14, 2026, and will remain open for 30 days, closing on Tuesday, October 13, 2026.

According to the prospectus, the shares are being offered at ₦525 per share, with a minimum subscription of 10 shares, valued at ₦5,250.

The offer seeks to raise approximately ₦2.15 trillion, which would make it the largest equity offering ever undertaken on the African continent.

Retail investors may qualify for bonus shares

The prospectus also provides an incentive for qualifying retail investors.

Retail investors who subscribe to the offer and hold their allotted shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to the applicable terms and regulatory approvals.

Investors are therefore encouraged to carefully review the prospectus and understand the terms of the offer before subscribing.

Zenith Bank brings digital experience to the offer

Zenith Bank said its role in the transaction builds on its experience in handling large-scale capital market offerings through digital channels.

The bank’s most recent public offering was executed largely through digital channels, demonstrating the capacity of its digital infrastructure to handle substantial investor participation.

Zenith said its technology infrastructure has subsequently undergone further enhancements, strengthening its ability to serve retail investors alongside its established corporate banking capabilities.

Within the wider Dangote Refinery transaction, Quantum Zenith Capital & Investments Limited is among the joint issuing houses, while Zenith Bank serves as a Receiving Bank and electronic application channel.

The bank’s participation gives investors another established route through which to submit their applications during the offer period.

Investors can subscribe from Nigeria and abroad

The electronic channels mean eligible investors can begin their applications without necessarily visiting a branch.

A Nigerian living in London, for example, can access the relevant Zenith Bank digital platform, while an investor in the United States or another country can similarly use the bank’s available electronic channels, subject to the applicable requirements.

Investors in Nigeria can also subscribe through Zenith Bank branches nationwide.

Prospective investors should ensure they have sufficient funds available and complete their applications before the offer closes on October 13.

Zenith Bank has urged investors to rely on the official offer documentation and approved channels when participating in the transaction.

The bank’s involvement as a receiving bank and electronic application channel is part of a wider network of approved channels established for the Dangote Refinery IPO.

Investors advised to read prospectus

The Dangote Refinery IPO represents a major development in Nigeria’s capital market, allowing eligible investors to acquire shares in one of the country’s most significant industrial projects.

However, prospective investors should note that participation in an IPO is an investment decision and carries investment risks.

The details of the offer are contained in the prospectus and are subject to applicable regulations. Investors are advised to read the prospectus carefully and, where appropriate, seek independent professional advice before making an investment decision.

Zenith Bank serves as a Receiving Bank and electronic application channel for the Dangote Refinery IPO.