Dangote launches Africa’s largest share sale: Here's how Ghanaians can buy into the refinery

Nii Ayitey Brown 12:23 - 16 September 2026

Aliko Dangote has launched Africa's largest ever share sale, offering a stake in his oil refinery to the general public

Dangote Refinery has opened its IPO (Initial Public Offering) that could raise as much as $2.1bn. Here is how eligible Ghanaians can buy shares, the minimum amount, apps and channels to consider, currency risks and what investors should know.

Dangote Refinery shares are being offered at ₦525 (GHS 4.55) each, with a minimum purchase of 10 shares costing ₦5,250 (GHS 45.48).
Eligible African investors, including qualifying investors outside Nigeria, can participate through designated channels, subject to eligibility and local regulations.
Ghanaian investors also face naira-to-cedi currency risk, meaning the share price is not the only factor that determines the final return in cedis.

The Dangote Petroleum Refinery and Petrochemicals FZE opened its public share offer on September 14, 2026, offering 4.1 billion ordinary shares at ₦525 each that is (GHS 4.55). The minimum application is 10 shares, costing ₦5,250 (GHS 45.48), and the offer closes on October 13, 2026. The shares are listed on the Nigerian Exchange (NGX).

Dangote Oil Refinery

Aliko Dangote

The offer is being promoted as a retail opportunity and is open to retail and institutional investors in Nigeria as well as eligible African investors, subject to the rules and restrictions applying in their countries and to the channel they use.

For Ghanaians, however, buying the shares will follow a different process. Eligibility, the correct subscription channel, identity checks and the rules for moving money into and out of Nigeria all matter.
Here’s how Ghanaians who have been monitoring Aliko Dangote’s refinery share sale in Nigeria can now explore whether they qualify to invest.

How much do you need?

The minimum retail application is 10 shares. So giving at ₦525 per share:

10 shares will amount to ₦5,250 (GHS 45.48)
100 shares = ₦52,500 (GHS 454.74 ), etc.

To note, for a Ghanaian, the ₦5,250 figure is the share cost before any applicable currency-conversion or intermediary charges a Ghana-based investor may face.

Buying the shares as a Ghanaian

investment

Ghanaians can buy shares because the NGX says both domestic and foreign investors can participate in its market through the appropriate securities dealers, while the Dangote offer specifically provides for eligible African investors outside Nigeria. The offer documents say such investors may participate through designated African distribution channels, subject to the securities laws of their countries.

Platforms like, Ecobank Transactional Incorporated and their affiliates as designated channels for eligible African investors. Several digital platforms are involved in the Dangote offer, but despite the offer, not every Nigerian investment app will accept.

On the official Dangote IPO (initial Public Offering) website, it lists approved electronic channels and fintech partners including Bamboo, InvestNaija, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest and NGX Invest, among others. It also lists mobile-money channels such as MTN MoMo and Airtel SmartCash.

List of Ghana-based investors, the platforms include; Ecobank, Fidelity, GTCO, Stanbic IBTC, Bamboo among others.

Procedure

For a Ghanaian who wants to explore the offer, First, check eligibility. Confirm that you qualify as an eligible African investor and that the platform or broker you intend to use is authorised to handle your application.

Second, complete your identification checks. Your chosen intermediary will request the required identity and banking information. The exact requirements depend on the channel and the investor's status.

Third, decide how many shares you want. The minimum is 10 shares at ₦525 each. The minimum application does not mean that’s the amount you should invest.

Fourth, fund the application through the approved payment route. A Ghanaian investor should confirm how the money will be converted from cedis into naira and what fees will apply.

Finally, wait for an allotment. Applying for shares does not automatically mean you will receive every share requested. The final number allocated depends on the offer process and its terms. According to information on the Dangote IPO website, it says investors become shareholders only after shares have been allotted and recorded through the approved settlement process.

A Ghanaian financial planner Patrick Baah says Ghanaians considering the investment should pay particular attention to the currency issue. On his facebook page, he explained that investing in an NGX-listed company creates two currency movements for a Ghana-based investor.

“To buy shares listed on the Nigerian Exchange (NGX), First, your Ghanaian Cedis (GHS) are converted into Nigerian Naira (NGN) to buy the stock. Later, when you sell, your Naira proceeds must be converted back into Cedis to bring your money home. Every return you calculate must survive both currency crossings,” he wrote.

This means that a Ghanaian can make money on the share price but still see a smaller return in cedis if the naira moves against the Ghana cedi between the time the shares are bought and the time the money is converted back. The opposite can also happen where favourable currency movements could increase the cedi value of the proceeds.

Risks

One notion out there that one should note is that, the fact that the Dangote refinery is a major industrial project does not guarantee that its shares will make money.

The company itself has warned that share prices can rise or fall after listing and that investors could lose some or all of their investment. Some other risks could include changes in regulations, foreign-exchange restrictions and delays in the refinery's expansion plans. There is also a currency risk for Ghanaians because the investment is priced and settled in naira rather than cedis.

Another risk is that the share price could fall after the company lists on the NGX. An investor who buys at the IPO price of ₦525 is not guaranteed to sell later at a higher price. There is also the possibility of oversubscription, where more people apply for shares than are available. In that situation, an investor may receive fewer shares than requested and have part of the application money returned.

Also, Because of the huge public interest in the offer, there is the possibility of scams. Investors should use only officially approved receiving agents and subscription channels and to verify websites before providing personal or financial information. Investors have also been warned not to transfer money to individuals claiming to collect Dangote IPO subscriptions outside the approved channels.

The refinery began operations in 2024 and has become an important part of Nigeria's fuel supply system. The facility currently has a refining capacity of about 700,000 barrels per day, while Dangote plans to increase capacity to 1.4 million barrels per day. The company is using the IPO to raise capital for its expansion programme.

Africa