By Ayomide Otitoju
Keystone Bank has been appointed an accredited financial institution through which eligible investors can subscribe for shares in the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The appointment makes the bank an authorised receiving agent for the offer, providing Nigerians and eligible international investors with access to the public offering.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250. Investors can apply for additional shares subject to the terms of the offer documents.
The subscription opened on September 14, 2026, and is scheduled to close on October 13, 2026, subject to the provisions of the prospectus.
Keystone Bank said both existing customers and non-customers can participate through its approved subscription channels.
Speaking on the appointment, Executive Director, Corporate Bank and South, Keystone Bank, Nnenna Anyim Okoro, said the offer would provide Nigerians with an opportunity to own a stake in a major industrial project.
“The Dangote Refinery Offer is more than an investment opportunity; it is an invitation for Nigerians to own a stake in an asset that is poised to contribute significantly to the nation’s industrial and economic future,” Okoro said.
She said Keystone Bank was committed to providing investors with a secure and convenient subscription process through its digital and physical channels.
Okoro urged prospective investors to conduct due diligence, review the offer documents carefully and make investment decisions based on their financial objectives.
The bank said investors should ensure that their personal and banking details, including Bank Verification Number (BVN), are accurate and up to date before submitting applications.
Keystone Bank also advised investors to subscribe only through approved channels and remain vigilant against fraudulent investment schemes. It warned investors against disclosing their PINs, passwords or One-Time Passwords (OTPs), or making payments into personal accounts.
The Dangote Refinery IPO is expected to raise approximately ₦2.15 trillion, with the proceeds earmarked for the refinery’s long-term growth, operational expansion and strategic investments.
Keystone Bank said the offer provides retail, corporate and institutional investors with an opportunity to participate in the ownership of the refinery and benefit from its future growth.
