Facilitating Participation in the Dangote Refinery IPO

Keystone Bank Limited has been appointed as one of the accredited financial institutions to receive subscriptions for the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE. The appointment opens access for qualifying Nigerian and international investors to acquire shares in the landmark industrial enterprise.

Under the terms of the offer, 4.1 billion ordinary shares are being offered at N525 per share. To encourage retail participation, the minimum subscription is set at 10 shares, valued at N5,250. The subscription period is scheduled to open on Monday, September 14, 2026, and is expected to close on October 13, 2026, subject to the provisions contained in the offer documents.

Strategic Importance for National Economic Growth

The appointment positions Keystone Bank as an authorised Receiving Agent, enabling both existing customers and non-customers to utilize approved digital and physical channels for the public offer. Bank leadership views the transaction as a pivotal moment for domestic industrial ownership.

Nnenna Anyim Okoro, the Executive Director of Corporate Bank and South at Keystone Bank, described the IPO as a unique opportunity for Nigerians to secure an ownership stake in a major industrial asset.

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. As a Receiving Agent, Keystone Bank is proud to support this historic transaction by providing investors with a seamless, secure, and convenient subscription experience across our digital and physical channels.

— Nnenna Anyim Okoro, Executive Director, Corporate Bank and South, Keystone Bank

Inclusive Access to Wealth Creation

Keystone Bank has confirmed that the offer is open to a broad spectrum of participants, including individuals, professionals, entrepreneurs, business owners, and institutional investors. The bank aims to simplify the subscription process to ensure that wealth-creation opportunities are available to all eligible segments of the public.

We believe that access to wealth-creation opportunities should be simple, inclusive, and available to all. Through this offer, retail and corporate investors alike have the opportunity to participate in a landmark enterprise, and we are committed to making that journey as straightforward as possible.

— Nnenna Anyim Okoro, Executive Director, Corporate Bank and South, Keystone Bank

Prospective investors are urged to exercise due diligence before committing funds. The bank advises subscribers to ensure that their personal and banking information, including their Bank Verification Number (BVN), is accurate and up to date before submitting applications through designated channels.

Security Guidelines and Investor Protection

As the Nigerian capital market prepares for this significant transaction, Keystone Bank has issued warnings regarding security and fraud prevention. Investors are advised to read the Prospectus carefully and seek professional advice where necessary. The bank emphasized that subscriptions should only be made through approved channels to avoid fraudulent schemes.

Subscribers are cautioned to remain vigilant and never disclose sensitive information, such as Personal Identification Numbers (PIN), passwords, or One-Time Passwords (OTP), to third parties in connection with the offer. Furthermore, the bank warned against paying money into personal accounts for share acquisitions.

Keystone Bank Limited, licensed by the Central Bank of Nigeria in 2011, operates a network of more than 157 branches nationwide. The institution provides retail, commercial, and digital banking solutions with a focus on innovation and financial inclusion.