Keystone Bank Opens Subscription Channel for Dangote Refinery IPO

Keystone Bank has joined the financial institutions authorised to receive subscriptions for the public offer of shares in Dangote Petroleum Refinery and Petrochemicals FZE, giving eligible investors access to the landmark transaction through the bank’s approved channels.

The bank’s appointment as a Receiving Agent allows both existing customers and non-customers who meet the offer requirements to participate in the Initial Public Offering (IPO).

Under the terms of the offer, 4.1 billion ordinary shares are being offered at N525 per share, with investors required to subscribe for a minimum of 10 shares, valued at N5,250. Applicants may request additional shares subject to the conditions contained in the offer documents.

The subscription opened on Monday, September 14, 2026, and is scheduled to run until October 13, 2026, in line with the terms of the offer.

Keystone Bank said investors can access the offer through its designated physical and digital channels, while urging prospective subscribers to ensure that their personal and banking information, including their Bank Verification Number (BVN), is accurate and up to date before submitting applications.

Investors seeking to subscribe through Keystone Bank can access the bank’s designated Dangote Refinery IPO page for the applicable subscription process and requirements:

Keystone Bank Dangote Refinery IPO Subscription Page⁠

Nnenna Anyim Okoro, Executive Director, Corporate Bank and South, Keystone Bank, described the offer as an important opportunity for Nigerians to participate in the ownership of one of the country’s prominent industrial assets.

She said the bank was focused on making the subscription process accessible and secure for investors using its approved channels.

“Access to wealth-creation opportunities should be simple, inclusive, and available to all,” Okoro said, adding that the bank was prepared to support both retail and corporate investors seeking to participate in the transaction.

She also advised prospective investors to conduct appropriate due diligence, study the prospectus and other offer documents, and make investment decisions based on their individual financial circumstances and objectives.

The Dangote Refinery public offer represents a major transaction for Nigeria’s capital market, with the structure intended to broaden ownership of the refinery by providing eligible investors with an opportunity to acquire shares in the business.

The offer is open to a range of eligible participants, including individuals, professionals, entrepreneurs, business owners and institutional investors, subject to the applicable requirements.

Keystone Bank has also warned investors to use only approved subscription channels and remain alert to fraudulent schemes linked to the public offer.

The bank said investors should never disclose sensitive banking information such as their PIN, password or one-time password (OTP), or transfer funds into personal accounts in connection with the transaction.

Investors have been advised to carefully review the Prospectus and other relevant offer documents and seek professional financial advice where necessary before subscribing.

Keystone Bank, which operates more than 157 branches across Nigeria, provides retail, commercial and digital banking services to individuals and businesses.

The bank said its role in the Dangote Refinery offer reinforces its commitment to expanding access to investment opportunities and supporting participation in Nigeria’s capital market.