Once you decide you’re subscribing to the Dangote Refinery IPO, the dates matter more than almost anything else. Miss one, and you either lose your spot in the offer or you’re left guessing what comes next. Here’s the full timeline, plain and simple.
The short version
The offer opened on September 14, 2026 and closes on October 13, 2026. After that, applications are processed and shares are allotted. Listing on the Nigerian Exchange is expected in late November 2026. That gap between closing and listing is normal, so don’t panic if your shares don’t show up in your account the week after you apply.
September 14: the offer opens
This is when subscriptions officially started. Reports suggest the offer pulled in roughly ₦1.5 trillion in commitments within the first hour, which tells you how much demand there already is. If you’re applying now, you’re well within the window, so there’s no need to rush a decision you haven’t fully thought through.
October 13: the offer closes
This is the real deadline. After this date, you can no longer apply, no matter how much money you have ready. If you’re planning to subscribe, don’t leave your application until the last day or two. Bank transfers slow down when everyone tries to fund their wallets at once, and a delay on your bank’s side can cost you your spot even if the decision to invest was made weeks earlier.
What happens between closing and listing
Once the offer closes, Dangote and its registrars go through every application, confirm payments, and work out allotment. If the offer ends up oversubscribed, which early numbers suggest is likely, you may not receive every share you applied for. Allotment can be scaled down so that everyone gets a fair share of what’s available, rather than a first-come-first-served split.
There’s also a greenshoe option built into this offer, which lets Dangote issue up to 30% more shares than originally planned if demand is strong enough. This is fairly standard for large offers and mainly affects how much of the oversubscription gets absorbed rather than refunded.
Late November: expected listing on the NGX
Once shares are allotted and credited to your CSCS account, the stock is expected to start trading on the Nigerian Exchange in late November 2026. This is the point where the price is no longer fixed at ₦525. It moves with real buyers and sellers, which is exactly the data a lot of cautious investors are waiting to see before deciding whether to get in.
What to actually do with these dates
If you’re subscribing, aim to apply and fund your wallet at least a few days before October 13, not on the day itself. If you’re still undecided, you have time. The offer stays open for a few more weeks, and waiting for the listing gives you even more information than the offer document alone.
If you haven’t gone through the actual subscription steps yet, we’ve covered that in our step-by-step guide to buying Dangote Refinery IPO shares. And if you’re still weighing whether this is the right investment for you at all, that’s covered in our Dangote Refinery IPO investor guide.
Quick questions people are asking
Can I apply after October 13?
No. Once the offer closes, new applications aren’t accepted. You’d have to wait for the stock to list and buy on the secondary market instead.
Will I definitely get the number of shares I applied for?
Not necessarily. If the offer is oversubscribed, allotment can be scaled down, so you may receive fewer shares than you applied for.
Why is there a gap between the offer closing and the listing date?
That gap is used to verify payments, finalise allotment, and complete the regulatory steps needed before a stock can start trading publicly.
Sources: Chapel Hill Denham, Channels Television, and the official Dangote Refinery IPO subscription page. Dates can shift, so confirm the latest timetable on the official IPO site before you apply.
This isn’t financial advice. Always confirm current dates and do your own research before investing.
