Where to buy Dangote Refinery IPO shares: the approved channels

One reason this IPO is historic is distribution: roughly 55 electronic platforms are authorised to receive applications, including banks, mobile money networks, fintech companies and the NGX Invest platform. That makes it one of the most widely distributed offers in Nigerian capital-market history.

Your options

• Banks: accredited banks acting as receiving agents — Keystone Bank, for example, takes subscriptions across its digital and physical channels, including from non-customers.
• NGX Invest: the Exchange’s own digital subscription platform.
• Fintech and mobile money apps: licensed investment and payment apps — including Paga, where investors subscribe in multiples of 10 shares (minimum 10) and pay from a Paga balance or any Nigerian bank account.
• Sharia-compliant channel: Ethica partnered with Meristem Securities to offer an end-to-end digital subscription verified against non-interest finance standards, for Muslim investors who require it.

What you need before you start

Have your identity documents and bank details ready, and leave time for account verification — don’t start on 13 October. If you don’t have CSCS or Clearing House Number details, first-time investors are allotted through a temporary Registrar Identification Number, with shares held by the Registrar until valid details are provided.

How payment works

Channels accept payment by app balance, Nigerian bank transfer, and on some platforms US domestic wire/ACH or international SWIFT. Paying is not the same as owning: the confirmation message is only a record of your application. Shares are allotted after the window closes, and oversubscription rules can reduce what you receive.

Avoid the scams

The SEC has explicitly warned the public against fraudulent, unauthorised platforms exploiting the IPO buzz. Never send money to individuals, informal agents or unverified websites and social media accounts claiming to sell the shares. If a channel isn’t a licensed bank, broker, fintech or the official NGX Invest platform, walk away.

Quick summary

• ~55 authorised platforms: banks, mobile money, fintech apps and NGX Invest.
• Keystone Bank is a receiving agent; Ethica/Meristem offers a Sharia-compliant route.
• First-timers without CSCS details are handled via a temporary Registrar number.
• Only use licensed channels — the SEC warns unauthorised IPO platforms are scams.