Buying shares for the first time can sound more complicated than it actually is.
IPO. BVN. CSCS. CHN. Allotment. Dividends. Stockbroker.
You’ll come across some of these terms when applying for Dangote Refinery shares on Send App, so let’s break down what they mean and why they matter.
First, what is an IPO?
IPO stands for Initial Public Offering.
Simply put, it is when a company offers shares to members of the public for the first time.
A share represents a small piece of ownership in a company. If shares are allotted to you through an IPO, you become a shareholder in that company.
For the Dangote Refinery IPO, shares are offered at ₦525 per share, with a minimum application of 10 shares (₦5,250).
The offer runs from 14 September to 13 October 2026, and eligible Nigerians can apply through Send App
What does owning shares actually mean?
If shares are allotted to you, those shares are registered in your name.
Their value can rise or fall over time. A company may also decide to pay shareholders a portion of its profits through dividends, but dividends are not guaranteed.
That’s why buying shares is an investment. There is the potential for gains, but there is also risk, including the possibility of losing some or all of the money invested.
Who can apply through Send App?
You’ll need a Bank Verification Number (BVN) to start your application.
And you don’t necessarily have to be in Nigeria.
Eligible Nigerians living abroad can also access the offer through Send App, provided they meet the applicable eligibility requirements and have a BVN.
Why do I need my BVN?
Your BVN helps verify your identity and ensures your application is correctly linked to you.
Think of it as one of the ways the application process confirms that you are actually you.
If you don’t have a BVN, you won’t be able to proceed with the application through Send App.
Why do I need Next of Kin details?
As part of your application, you’ll also be asked to provide details about your Next of Kin, including information such as their name, relationship to you and phone number.
This forms part of the information required to complete your application.
What are CSCS and CHN?
These two terms can sound technical, but they’re easier to understand once you know what they do.
CSCS stands for Central Securities Clearing System. It forms part of the infrastructure used to electronically record and manage securities ownership in Nigeria.
Your CHN, or Clearing House Number, is a unique identifier connected to your holdings within that system.
If you’ve invested in Nigerian shares before, you may already have CSCS/CHN details.
If you don’t have them yet, that doesn’t necessarily stop you from applying. You’ll be guided through the process of setting up the required share account through Chapel Hill Denham.
What does a stockbroker do?
A stockbroker is a licensed firm that facilitates transactions involving shares and helps manage your securities holdings.
For the Dangote Refinery IPO, Send App provides the digital entry point for your application, while the relevant licensed capital-market partners handle the investment-related processes.
Once shares are allotted, they are registered in your name through CSCS and managed through the applicable SEC-licensed stockbroker.
How much do I need to apply?
The offer price is ₦525 per share.
The minimum application is 10 shares, which means the minimum amount is:
10 shares × ₦525 = ₦5,250
You can choose how much you want to apply with, subject to the terms of the offer, and review your application before making payment.
What happens after I pay?
This is one of the most important things to understand.
Once your application has been submitted and the funds have been settled, it cannot be cancelled. Refunds are only issued for shares that are not allotted.
Successful payment does not mean the shares have already been allotted to you.
Once your payment is successful, your IPO application is submitted for processing. You then need to wait for the allotment process.
So, what is allotment?
Allotment is the process that determines how many shares each successful applicant ultimately receives.
You might receive all the shares you applied for, but that is not guaranteed.
Why?
Because an IPO can be oversubscribed. This happens when investors collectively apply for more shares than the number available.
For example, imagine 1 million shares are available but people apply for 2 million shares. There simply aren’t enough shares available to give everyone everything they requested.
The final allotment determines what each applicant receives.
What happens to my money if I don’t get all the shares?
If you are allotted fewer shares than you applied for, the amount relating to the shares that were not allotted will be refunded in line with the terms of the offer.
For example, if you applied for 100 shares but were ultimately allotted 70, you would own the 70 allotted shares. The amount relating to the remaining 30 shares would be refunded according to the offer terms.
That’s also why we use “apply for shares” rather than assuming that submitting an application means you already own them.
What are dividends?
A dividend is money a company may decide to distribute to its shareholders from its profits.
Owning shares does not automatically mean you will receive dividends. Whether dividends are paid, and how much is paid, depends on factors including the company’s performance and the relevant corporate approvals.
What do I need before I start?
You don’t need to memorise all these terms before opening Send App.
The main thing is to have your BVN ready.
As you go through your application, you’ll also be asked for information including:
Your Next of Kin details
A bank account in your name for dividend payments and any unallotted refund
Your CSCS/CHN details, if you already have them
If you don’t already have the required share account details, you’ll be guided through the available setup process.
How does it work on Send App?
When you’re ready to apply:
Open or sign up on Send App.
Find the Dangote Refinery IPO in the app.
Check your eligibility using your BVN.
Provide the required application details.
Choose how much you want to apply with.
Review your application and make payment.
Submit your application and wait for allotment.
We’ll guide you through the information required along the way.
Now you know the basics
You don’t need to become a stock market expert before applying for an IPO.
What matters is understanding what you’re applying for, how much it costs, what happens to your application after payment and the risks involved.
For the Dangote Refinery IPO, remember these four things:
₦525 per share. Minimum 10 shares (₦5,250). BVN required. Offer closes 13 October 2026.
If you decide you’d like to apply, you can start the process directly from Send App.
Need help? Contact our support team through the app. 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.