United Bank for Africa (UBA) Plc has opened its subscription channel for eligible investors seeking to participate in the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO).
UBA was named among the authorised financial institutions through which investors can apply for shares in the public offer, which officially opened on September 14, 2026. The offer is scheduled to close on October 13, 2026, subject to the terms contained in the offer documents.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at ₦525 per share. The minimum subscription is 10 shares, requiring an investment of ₦5,250, while eligible investors can apply for additional shares in line with the offer terms.
UBA said the public offer gives Nigerian and eligible international investors an opportunity to become shareholders in one of Africa’s major industrial projects.
Speaking on the development, UBA Executive Director Designate, Tosin Adewuyi, said the bank was pleased to be among the approved institutions providing access to the offer.
According to the bank, the opportunity also supports broader participation in Nigeria’s capital market by allowing individuals, professionals, entrepreneurs, business owners and institutional investors who meet the requirements to participate.
UBA has advised prospective investors to carefully study the prospectus and other offer documents before submitting their applications. The bank also urged investors to ensure that their personal and banking information, including their Bank Verification Number (BVN), is accurate and up to date.
The Dangote Refinery public offer has attracted considerable attention from retail investors since it opened. Several digital investment platforms experienced heavy traffic as investors attempted to participate in the share sale. Reuters reported that platforms including Bamboo, Cowrywise and InvestNaija experienced service disruptions following the surge in demand.
The offer has also prompted the Securities and Exchange Commission (SEC) to warn investors about fraudulent subscription channels. The commission said investors should make applications and payments only through officially designated and approved receiving agents, subscription channels and platforms.
The official Dangote Refinery IPO website similarly states that the offer is priced at ₦525 per share, with a minimum of 10 shares, and warns investors not to disclose their PINs, passwords or one-time passwords (OTPs).
UBA’s participation means its customers and other eligible investors can access the public offer through the bank’s approved subscription channels, subject to the applicable procedures.
The IPO represents a significant development for Nigeria’s capital market because it allows members of the public to participate directly in the ownership of the Dangote refinery through shares.
The refinery is currently designed to process around 700,000 barrels of crude oil per day, with the company pursuing plans to increase capacity to 1.4 million barrels per day.
For investors considering the offer, UBA and the SEC have stressed the importance of reviewing the prospectus and understanding the risks associated with investing in shares before submitting an application.
