Dangote Refinery opened its Nigerian Exchange IPO Monday, offering 4.1 billion shares at 525 naira for a 2.15 trillion naira raise, closing October 13. The Black Executive Journal — Daily Edition
Dangote Refinery, the 650,000-barrel-per-day petrochemical facility on the Lekki peninsula that ranks among the world's largest single-train refineries, formally opened subscription today on the Nigerian Exchange for its Initial Public Offering (Vanguard Nigeria — September 10, 2026).
The transaction sizes at 4.1 billion shares priced at ₦525 per share, a targeted ₦2.15 trillion raise — approximately $1.4 billion at prevailing exchange rates. Minimum subscription sits at 10 shares (₦5,250), calibrated to open retail participation broadly across Nigeria.
The offer window runs September 14 through October 13, 2026.
Eligible individual and corporate investors must supply stockbroking and Central Securities Clearing System (CSCS) details to participate (Vanguard Nigeria — September 10, 2026).
The Nigerian Exchange approved Remita as one of the electronic application channels for the offer, alongside conventional broker channels.
Remita's parent, Remita Payment Services Limited, operates payment infrastructure that serves individuals, businesses, governments, financial institutions, and fintechs across Nigeria.
Managing Director DeRemi Atanda framed the approval as a retail-inclusion mechanism designed to reduce friction between the exchange, brokers, and first-time retail subscribers.
The IPO is the largest listing on the Nigerian Exchange in recent memory and lands as the CBN's Monetary Policy Committee prepares to meet September 21-22 with the Monetary Policy Rate at 26.50% (Central Bank of Africa News — Interest Rates Tracker).
The pricing implicitly tests the depth of Nigerian retail equity demand against a real-rate environment near 10.6%.
For diaspora investors, Nigerian-market operators, and cross-border corporate treasurers, the Dangote IPO is the largest naira-denominated retail equity subscription in years, and one of the few African capital-markets events large enough to move the Nigerian Exchange All-Share Index materially.
Retail participation will be closely watched as a proxy for household confidence heading into the CBN MPC decision next week.
Noah Carmichael
dLocal Ghana Limited, the Ghanaian subsidiary of Uruguay-headquartered cross-border payments firm dLocal, secured an Enhanced Payment Service Provider (EPSP) licence from the Bank of Ghana on September 9, 2026.
The licence permits dLocal to connect directly to banks and mobile money networks, onboard merchants, collect local payments, execute payouts, and process inbound remittances (Techpoint Africa Digest — September 10, 2026).
Ghana's mobile money transaction value reached GH¢4.54 trillion in 2025, more than 50% higher than the previous year — one of the fastest-growing mobile-money markets in sub-Saharan Africa.
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Other holders of the enhanced PSP licence include Flutterwave, Paystack, and Fincra (licensed May 2026), placing dLocal alongside the largest African-native payment infrastructure players in the market.
The Ghana approval follows dLocal's African expansion arc that began in 2018.
In February 2026 dLocal closed an acquisition of selected assets from Kenya-based AZA Finance for approximately $23.7 million, following a June 2025 announcement of the deal.
