You’ve probably heard a lot about the Dangote Refinery IPO lately. But if words like IPO, shares, allotment and CSCS sound like investment language you’re supposed to already understand, they’re actually easier to understand than they sound. With the Dangote Refinery IPO coming to Send App, we thought this was a good time to break down the basics. The Dangote Refinery IPO is expected to open on 14th September 2026, with shares offered at ₦525 each. The minimum application is 10 shares, which means you can apply from ₦5,250. The offer is expected to close on 13th October 2026.
First, what exactly is an IPO?
Let’s start with shares. Think of a company like a big pie. A share represents one small piece of that pie. When shares in a company are allotted to you, you become a shareholder in the company and own a small part of the company.
IPO stands for Initial Public Offering. It is the process through which a company offers shares to members of the public for the first time. Before an IPO, ownership may sit mainly with the founders and other private investors. An IPO gives members of the public an opportunity to apply for shares too.
Companies go public for different reasons. They may want to raise money to expand, invest in new projects, reduce debt or support other growth plans. For investors, it creates an opportunity to own part of a company that was previously privately held.
But owning shares also comes with risk. Their value can rise or fall, and returns are never guaranteed.
Applying for shares vs getting shares
This is an important distinction.
When you apply for shares during an IPO, you are telling the company how many shares you would like to receive and providing the money required for your application.
But applying does not always mean you will receive everything you asked for.
If more shares are requested than are available, the IPO is said to be oversubscribed.
For example, if 1 million shares are available but investors apply for 2 million, there are not enough shares to give everyone their full application.
The final number of shares you receive is determined during allotment. Depending on the final allotment, you may receive all the shares you applied for or only part of them.
If you receive fewer shares than you applied for, the amount relating to the shares that were not allotted to you will be refunded according to the terms and process of the offer.
So if you apply for ₦100,000 worth of shares and only ₦70,000 worth is eventually allotted to you, the remaining amount would be refunded, subject to the final allotment and offer terms.
Where do your shares go?
This is where CSCS and CHN come in.
CSCS stands for Central Securities Clearing System and forms part of the infrastructure used to electronically record , hold and settle securities ownership in Nigeria’s capital market. Your CHN, or Clearing House Number, is a unique identifier connected to your holdings within that system.
After allotment, shares allocated to you are held electronically in your name through the appropriate capital-market infrastructure.
You may also hear about dividends. A dividend is money a company may decide to distribute to its shareholders from its profits. Dividends are not guaranteed simply because you own shares.
So, what does all this have to do with Dangote Refinery and Send App?
Dangote Refinery is preparing to offer shares to the public through an Initial Public Offering. Through the IPO, members of the investing public will have an opportunity to apply to become shareholders, subject to the terms of the offer.
And soon, eligible customers will be able to start that process through Send App.
If you’re new here, Send App by Flutterwave is an app that makes it easier to send and receive money across borders. Whether you’re in Nigeria or living abroad, you can use Send App to stay connected financially across countries, and soon, eligible customers will also be able to access the Dangote Refinery IPO application process through the app.
You’ll need a BVN to get started. From there, Send App will guide you through the required information, including identity verification, Next of Kin details, your share account information and how much you want to apply with.
If you already have a CSCS/CHN, you’ll be able to provide it during the process. If you don’t, you’ll be guided through the process for setting one up.
Once your application and payment are submitted, your application will be processed for allotment in accordance with the terms of the offer. Remember, the number of shares you eventually receive will depend on the final allotment.
A few terms worth remembering
Share: A unit of ownership in a company.
IPO: The first time a company offers its shares to the public
Application or Subscription: Your request for shares during an offer.
Allotment: The process that determines how many shares you ultimately receive.
Oversubscription: When people apply for more shares than are available.
CSCS: The system used to electronically hold and settle securities in Nigeria.
CHN: A unique number associated with your holdings within CSCS.
Dividend: Money a company may choose to distribute to its shareholders.
Now you know the basics
You don’t need to become a stock market expert overnight. Understanding what you’re applying for and how the process works is a good place to start. The Dangote Refinery IPO is coming to Send App, and we’ll share more about eligibility, the offer and how to apply when access goes live.
Don’t have Send App yet? Download the app and create your account so you’re ready for what’s coming.
Already have Send App? Keep an eye on the app and our channels. We’ll let you know when the Dangote Refinery IPO goes live.Â
T&Cs apply.
Disclaimer
Flutterwave acts solely as a Receiving Agent for the Dangote Refinery Initial Public Offering, in partnership with SEC-licensed stockbrokers. Flutterwave does not provide investment advice, stockbroking services, or hold investors’ shares. Investing in shares involves risk. Share values may rise or fall, and investors may lose some or all of their investment. Past performance does not guarantee future returns.