It’s really nice to be back. So sorry it’s due to ill health
My question is I want an insight on how IPO works
2. Guide on how to buy Dangote Refinery IPO
3. My Elder brother bought some shares in 2010 but have received no dividends. What step do we take to recover his shares
Thanks in anticipation of your positive response
First: What is an IPO? IPO = Initial Public Offering. It is when a company offers shares to the public for the first time so that ordinary investors can become shareholders. Think of it like this: Company → offers shares → public investors buy → investors become shareholders For the Dangote RefineryRead more
First: What is an IPO?
IPO = Initial Public Offering.
It is when a company offers shares to the public for the first time so that ordinary investors can become shareholders.
Think of it like this:
Company → offers shares → public investors buy → investors become shareholders
For the Dangote Refinery IPO, the company is Dangote Petroleum Refinery and Petrochemicals FZE.
As of September 29, 2026, the official IPO information says:
Offer price: ₦525 per share
Minimum: 10 shares
Minimum amount: ₦5,250
Offer: 4.1 billion ordinary shares
Opening date: September 14, 2026
Closing date: October 13, 2026
An IPO is not the same thing as buying a stock that is already trading normally on the NGX.
With a normal NGX purchase:
You → stockbroker → buy shares from an existing shareholder in the market.
With an IPO:
You → approved IPO subscription channel → apply for newly offered shares.
If your application is successfully allotted, you become a shareholder.
Now, back to your question, How do you buy the Dangote Refinery IPO?
The safest way is to start from the official Dangote IPO website and SEC information, rather than clicking random WhatsApp/Telegram links.
The official site says applications should be made through approved Receiving Agents or Electronic Application Channels such as some banks, and other stock brokers like investnaija, bamboo etc.
The basic process is:
Step 1 — Make sure your details are ready
You need things such as your:
BVN
Bank account
Correct personal information
The details should match your records.
Step 2 — Choose an approved subscription channel
Don’t send money to somebody who says:
“Give me ₦100,000 and I’ll secure Dangote shares for you.”
The SEC specifically warns investors to use only approved channels and not respond to unsolicited offers promising guaranteed or preferential allotments.
Step 3 — Choose how many shares
The minimum is:
10 shares × ₦525 = ₦5,250
If you wanted 100 shares:
100 × ₦525 = ₦52,500
If you wanted 1,000:
1,000 × ₦525 = ₦525,000
The official offer allows subscriptions in multiples of 10.
Step 4 — Apply
You submit your application through the approved channel.
When the allocation begins, you will have yours in accordance to the allocation procedures
See lessNow the interesting question: "My brother bought shares in 2010 but has never received dividends." This is a different problem from the Dangote IPO. Don't immediately assume that the shares have disappeared. There are actually two things to investigate separately: A. Does he still have the shares? BRead more
Now the interesting question: “My brother bought shares in 2010 but has never received dividends.”
This is a different problem from the Dangote IPO.
Don’t immediately assume that the shares have disappeared.
There are actually two things to investigate separately:
A. Does he still have the shares?
B. Are there unpaid/unclaimed dividends?
These are not the same thing.
For example, your brother could still own the shares but have dividends sitting as unclaimed dividends because his bank account wasn’t properly mandated for e-dividend payments.
The SEC has a specific process for recovering unclaimed dividends.
What should your brother do?
Step 1 — Find the evidence of the original purchase
Look for anything from 2010:
Share certificate
Allotment letter
Offer documents
Old dividend warrant
Stockbroker documents
Company’s name
Registrar’s name
CSCS information
Previous statements
Even an old document can be extremely useful.
Step 2 — Find out which company he bought
This is VERY important.
Suppose he remembers:
“I bought shares around 2010.”
That’s not enough.
We need to know:
Which company?
For example:
GTCO
FirstBank/related listed entity
Dangote Cement
Zenith Bank
etc.
Then we can identify the company’s registrar.
Step 3 — Check the SEC unclaimed-dividend system
The SEC provides an official process where investors can search for their names and identify the registrar holding their unclaimed dividends.
The process is basically:
Search your name
See less↓
Find the company/registrar
↓
Obtain the appropriate e-dividend form
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Submit through the bank or registrar
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Dividends can then be paid electronically