United Bank for Africa Opens Access to Dangote Refinery’s N2.15tn Share Offer

United Bank for Africa Plc has opened its approved subscription channel for investors seeking to participate in Dangote Petroleum Refinery and Petrochemicals FZE’s N2.15 trillion public share offer, expanding the routes available to retail and institutional investors participating in the landmark transaction.

UBA is one of the authorised financial institutions through which eligible investors can submit applications for the refinery’s public offer, which opened on September 14, 2026 and is scheduled to close on October 13, 2026.

The offer comprises 4.1 billion ordinary shares priced at N525 each, giving it a total value of approximately N2.15 trillion.

Investors can enter with a minimum subscription of 10 shares, requiring N5,250, while those seeking larger positions can apply for additional shares in accordance with the terms contained in the offer documents.

UBA said interested investors can access the offer through its designated subscription channel, providing another route for Nigerians and other eligible investors to participate in the ownership of the refinery.

The bank’s participation is particularly important for retail accessibility. Rather than requiring investors to navigate unfamiliar processes independently, approved financial institutions provide established channels through which applications can be submitted and processed.

Investors using UBA’s channel are expected to ensure that their personal and banking information, including their Bank Verification Number, is accurate before submitting an application.

UBA Group Executive Director Designate Tosin Adewuyi said the bank’s role in the transaction aligns with its efforts to expand access to Nigeria’s capital market.

According to Adewuyi, the public offer creates an opportunity for eligible investors to participate in the ownership of a major Nigerian industrial enterprise.

He also encouraged prospective shareholders to study the offer documents and understand the risks and conditions attached to the investment before making a decision.

The refinery offer represents one of the largest capital-raising exercises ever undertaken through Nigeria’s financial market and is expected to test the depth of domestic investment demand.

At N525 per share, 100 shares would cost N52,500, while an investment in 1,000 shares would require N525,000. A 10,000-share application would amount to N5.25 million.

The relatively low minimum subscription of 10 shares considerably lowers the entry threshold, potentially allowing a broader segment of the investing public to participate alongside institutional and high-net-worth investors.

The transaction also arrives at a time when Dangote Refinery is strengthening its operating performance and pursuing a major expansion of its processing capacity.

The refinery, currently operating at around 700,000 barrels per day, plans to increase capacity to approximately 1.4 million barrels per day by 2029.

Its increasing scale has already begun reshaping Nigeria’s petroleum industry by reducing dependence on imported refined products and creating a major new source of domestic demand for Nigerian crude oil.

The refinery secured at least 16 million barrels of Nigerian crude for October delivery, equivalent to roughly 520,000 barrels per day, as it increases processing volumes.

The public offer is expected to provide additional capital to support the company’s expansion programme and other corporate requirements ahead of its anticipated admission to the Nigerian Exchange.

UBA’s participation also adds its extensive banking infrastructure to the distribution network supporting the offer.

The bank operates across 20 African countries and maintains operations in major international financial centres, giving it a substantial customer base spanning individuals, businesses and institutional clients.

However, access through an approved bank does not amount to an investment recommendation.

UBA has advised prospective subscribers to read the prospectus and relevant offer documents carefully and, where necessary, obtain professional advice before committing funds.

Investors have also been warned against fraudulent investment schemes seeking to exploit public interest surrounding the Dangote Refinery offer.

Subscribers should use only authorised channels and should never disclose banking credentials such as their PIN, password or one-time password to individuals claiming to facilitate share purchases.

With the offer now open, UBA’s approved subscription channel adds another avenue through which investors can participate in Dangote Refinery’s N2.15 trillion capital raise before the offer closes on October 13, 2026.