Applicants in Dangote Petroleum Refinery and Petrochemicals FZE’s share sale must wait for the issuer’s allotment process to advance before they know their final share allocation or any refund amount.
Dangote closed the offer on Oct. 27 after marketing 4.1 billion ordinary shares at ₦525 each. A fully subscribed sale at that price would be worth about ₦2.15 trillion. The issuer said a confirmed payment alone does not tell applicants how large an allotment they will receive. Its official IPO website counted applicants in 120 countries, with every African country represented.
A Reuters report published on closing day put Nigerian retail and institutional orders at about ₦6.4 trillion, citing people familiar with the transaction. The estimate preceded the offer’s close. The issuer has not released a final demand total or the amount to be refunded.
Government bonds and money-market funds offer a view of other parts of Nigeria’s investment market. At the Oct. 19 Federal Government of Nigeria bond auction, the Debt Management Office recorded marginal rates of 16.99% on the February 2034 bond, 17.29% on the September 2036 bond and 17.19% on the June 2038 bond. These rates apply to specific bonds at auction and do not forecast future returns.
The Securities and Exchange Commission (SEC) reported ₦9.885 trillion in collective-investment-scheme assets as of Oct. 9, including ₦6.718 trillion in money-market funds. Those figures describe the broader fund market; they do not show where returned IPO money will go.
Under the issuer’s indicative calendar, return collation is scheduled for Nov. 3. The allotment proposal is due to go to the SEC on Nov. 10, with the regulator’s no-objection targeted for Nov. 17. Refunds for excess or unsuccessful applications are scheduled five business days after allotment; share settlement and trading are set for 15 business days after allotment. The issuer says the dates may change.
Return collation on Nov. 3 is the schedule’s next milestone.
