Question 1

What is the Dangote Refinery IPO?

Accepted Answer

The Dangote Refinery IPO is a public offer of 4.1 billion ordinary shares in Dangote Refinery at an offer price of ₦525 per share. The minimum subscription is 10 shares, meaning investors can participate from ₦5,250.

Question 2

Who can participate in the Dangote Refinery IPO?

Accepted Answer

Individuals who meet the eligibility requirements set out in the approved Offer Document/Prospectus can subscribe for shares, subject to the applicable regulatory requirements and terms of the offer.

Question 3

Do I need to be an experienced investor to participate?

Accepted Answer

No. You do not need to be an experienced investor to subscribe. However, you should read the relevant offer documents, understand the potential benefits and risks, and consider whether the investment is suitable for your financial plans before making a decision.

Question 4

How much does each share cost, and what is the minimum subscription?

Accepted Answer

Each share is offered at ₦525. The minimum subscription is 10 ordinary shares, meaning the minimum investment is ₦5,250.

Question 5

How do I calculate how much I need to invest?

Accepted Answer

The minimum subscription is 10 shares, at ₦525 per share. After the initial 10 shares, additional shares must be subscribed for in multiples of 10. For example: 10 shares = ₦5,250 100 shares = ₦52,500 1,000 shares = ₦525,000 10,000 shares = ₦5,250,000 Your final allocation, however, may differ from the number of shares you apply for, depending on the outcome of the offer.

Question 6

Where can I subscribe for the Dangote Refinery IPO?

Accepted Answer

You can begin the subscription process through coronationwealth.ng.

Question 7

What do I need to start my subscription?

Accepted Answer

For the individual subscription journey, you will need your Bank Verification Number (BVN) to verify your identity before proceeding with the subscription.

Question 8

Why do I need to provide my BVN?

Accepted Answer

Your BVN helps verify your identity as part of the regulatory framework governing financial transactions and participation in the capital market. Investor identification supports measures designed to prevent financial crime, including money laundering, fraud and the financing of illicit activities.

Question 9

What are the steps for subscribing?

Accepted Answer

The individual subscription process can be summarised in three steps: Enter your BVN. Verify your identity. Select your shares and pay. Choose the number of shares you want and complete payment through the approved process. Get your confirmation. Receive confirmation that your subscription has been submitted.

Question 10

Can I subscribe for more than 10 shares?

Accepted Answer

Yes. Ten shares is the minimum subscription. You may apply for more shares depending on your investment plans, available funds and the terms of the offer.

Question 11

Can Nigerians living abroad participate in the Dangote Refinery IPO?

Accepted Answer

Yes. Nigerian investors living abroad can participate, subject to the applicable eligibility and regulatory requirements. If you already have a BVN, you do not need to be physically present in Nigeria to begin the subscription process.

Question 12

Do I need to travel to Nigeria to participate?

Accepted Answer

No. If you already have a BVN, you can begin the subscription process remotely through coronationwealth.ng. If you do not have a BVN, eligible Nigerians living abroad can enrol remotely through the Non-Resident BVN (NRBVN) process.

Question 13

I already have a BVN. How can I participate?

Accepted Answer

You can participate in three steps: Enter your BVN at coronationwealth.ng and complete the identity verification. Select the number of shares you want to subscribe for and make payment through the applicable process. Receive confirmation that your subscription has been submitted.

Question 14

I do not have a BVN. Can I still participate?

Accepted Answer

Eligible Nigerians living abroad who do not already have a BVN can enroll remotely through the Non-Resident BVN (NRBVN). Once your BVN has been obtained, you can proceed to coronationwealth.ng to begin your IPO subscription.

Question 15

How can I obtain a Non-Resident BVN (NRBVN)?

Accepted Answer

Eligible Nigerians in the diaspora can enrol remotely through the official NIBSS diaspora BVN enrolment platform.

Question 16

Can I subscribe in US dollars?

Accepted Answer

The Dangote Refinery IPO is Naira-denominated and can only be subscribed for in Naira. Diaspora investors sending USD funds through the applicable process authorise the funds to be converted into the applicable Naira equivalent for the IPO subscription.

Question 17

How will my USD funds be converted to Naira?

Accepted Answer

Where a diaspora investor transfers USD funds for the subscription, the applicable process allows Coronation Merchant Bank to convert the USD funds into the applicable Naira equivalent and remit the proceeds to Coronation Securities Limited to process the IPO subscription.

Question 18

Will the exchange rate be fixed when I transfer my dollars?

Accepted Answer

No. The quoted FX rate is indicative and may change at the point of settlement when the inflow is received. Any change in the applicable FX rate may affect the final Naira equivalent of your funds and, consequently, the final subscription quantity.

Question 19

How long does it take to process a USD transfer?

Accepted Answer

Settlement and eCCI issuance via SWIFT may take approximately 72–96 hours. Operations will confirm the transfer in the background once the USD funds have been received.

Question 20

Can I participate from any country?

Accepted Answer

If you are an eligible Nigerian living abroad who has a BVN, you can participate subject to the applicable regulatory, subscription and payment requirements. Your ability to complete the process may also depend on the applicable arrangements for receiving and settling your funds.

Question 21

Can corporate and institutional investors participate in the Dangote Refinery IPO?

Accepted Answer

Yes. Eligible corporate and institutional investors can participate in the Dangote Refinery IPO, subject to the requirements of the approved Offer Document/Prospectus and applicable regulatory requirements.

Question 22

What do corporate investors need to start their subscription?

Accepted Answer

Corporate investors need to provide their CAC Registration (RC) Number to begin the subscription process.

Question 23

What information will authorised personnel need to provide?

Accepted Answer

Authorised personnel acting on behalf of the company will be required to provide their BVN and NIN as part of the applicable verification and onboarding process. The company will also need to provide its CAC RC Number and any other information or documentation required under the applicable corporate onboarding and KYC process.

Question 24

Who can complete the subscription on behalf of a company?

Accepted Answer

An authorised personnel of the company can complete the subscription process on behalf of the corporate investor, subject to the applicable verification and onboarding requirements.

Question 25

What are the steps for a corporate or institutional investor to subscribe?

Accepted Answer

The corporate subscription process can be summarised as: Enter your CAC RC Number. Provide the company's Registration (RC) Number to begin the process. Complete verification. The authorised personnel provides the required BVN and NIN and completes the applicable verification process. Select your shares and pay. Choose the number of Dangote Refinery shares the company wants to subscribe for and complete payment through the approved process. Get your confirmation. Receive confirmation that the subscription has been submitted, subject to the terms of the offer and final allotment.

Question 26

Does making payment guarantee that I will receive all the shares I applied for?

Accepted Answer

No. Payment confirms your subscription but does not guarantee the allotment of all or any of the shares applied for. Final allotment will be determined in accordance with the approved Offer Document/Prospectus, applicable SEC rules and the approved basis of allotment.

Question 27

What does “allotment” mean?

Accepted Answer

Allotment is the final number of shares assigned to an investor after the subscription process has closed and applications have been processed according to the approved basis of allotment.

Question 28

What happens if I am allotted fewer shares than I applied for?

Accepted Answer

Any surplus subscription money arising from the final allotment will be refunded in accordance with the terms of the offer.

Question 29

What is an unallotted balance, and will it be refunded?

Accepted Answer

An unallotted balance is the portion of your subscription money relating to shares that were not ultimately allocated to you. This balance will be refunded in accordance with the terms of the offer.

Question 30

Can I cancel my subscription after making payment?

Accepted Answer

No. Once the subscription has been submitted, it cannot be cancelled or reversed. Allotted shares are binding. Only any unallotted balance will be refunded in accordance with the offer terms.

Question 31

When will I know the outcome of my subscription?

Accepted Answer

After you submit your subscription and make payment, you will receive confirmation that your application has been submitted. The confirmation records your subscription, but it does not mean that all the shares you applied for have been allotted. Final allotment will be determined according to the approved basis of allotment.

Question 32

Is the Dangote Refinery IPO risk-free or guaranteed to make a profit?

Accepted Answer

No. Investing in shares does not guarantee a profit, and no investment in shares is risk-free. The value of your investment can rise or fall. You should carefully consider the potential benefits and risks outlined in the approved Offer Document/Prospectus before subscribing.

Question 33

What should I read or consider before subscribing?

Accepted Answer

You should read the approved Offer Document/Prospectus, understand the terms, potential benefits and risks of the offer, and consider whether the investment fits your financial plans and investment objectives before making your decision.

Question 34

Where can I get assistance with my subscription?

Accepted Answer

Investors may send support enquiries to support@coronationtechnology.com.

Dangote Refinery IPO: Frequently Asked Questions

FAQs for Individual Investors

FAQs for Nigerians Living in the Diaspora

FAQs for Corporate and Institutional Investors

FAQs for All Prospective Investors

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