General

1. What is an IPO?

An Initial Public Offering is when a company sells shares to the public for the first time. When you buy shares, you own a small part of the company. As the company grows and earns profit, you may receive dividends. You can also sell your shares later through a stockbroker. 

2. Who is Dangote Petroleum Refinery & Petrochemicals FZE?

Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) is the enterprise that owns and operates Africa's largest oil refinery. The refinery is located in the Lekki Free Trade Zone in Lagos, Nigeria. It takes crude oil and turns it into everyday products like petrol (PMS), diesel (AGO), aviation fuel (jet fuel), cooking gas (LPG), polypropylene (a plastic used in packaging and manufacturing), and other petroleum products. The refinery can process up to 650,000 barrels of crude oil every day, making it one of the largest single-site refineries in the world.

3. What is the Dangote Petroleum Refinery & Petrochemicals FZE IPO?

The DPRP IPO is an Initial Public Offering that allows you to buy shares in Dangote Refinery. It is regulated by the Securities and Exchange Commission (SEC) and listed on the Nigerian Exchange Group (NGX).

4. Who is Flutterwave? 

Flutterwave is a licensed receiving agent for the Dangote Refinery IPO. We provide a payment channel for you to subscribe to the IPO by collecting your details and funds. 

5. Can I buy Dangote Refinery IPO shares on Flutterwave?

Yes. Flutterwave has partnered with Chapel Hill Denham Securities (a licensed stockbroker) to enable you to purchase Dangote Refinery IPO shares directly on the Flutterwave website or dashboard (if you are a merchant).

6. Who is Chapel Hill Denham? 

Chapel Hill Denham is an SEC-regulated, NGX-registered stockbroker and our partner for the Dangote Refinery IPO. A stockbroker is a licensed company that holds your shares after you buy them. They will handle all post-purchase communications, allotment, and investor services like checking, selling your shares, and receiving your dividends. Every retail investor in Nigeria needs a stockbroker — and for this IPO, you can use your existing broker or use Chapel Hill Denham. 

Important 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.

Eligibility

1. Who can buy Dangote Refinery shares on Flutterwave? 

Any Nigerian with a valid Bank Verification Number (BVN) can participate, regardless of where they are in the world. 

2. Why do I need to share my BVN and next of kin?

The BVN confirms your identity and lets us register the shares in your name. Next of kin is required by the SEC so your shares can be claimed if anything ever happens to you. These details are only shared with the Stockbrokers, and only for this subscription in compliance with SEC Regulations and the Nigeria Data Protection Act.

3. What is CSCS? 

The Central Securities Clearing System (CSCS) is Nigeria's depository for shares. Think of it as a digital bank for stocks. After your order is allotted, your Dangote Refinery shares are stored in your CSCS account in your name. You access that account through your stockbroker.

4. What's the difference between a CSCS number and a CHN?

Your CSCS number is your share account ID at a specific stockbroker, while CHN (Clearing House Number) is a master ID that links all your share accounts across different stockbrokers — like a BVN for your shareholdings. If you've never bought shares before, you have neither, and Chapel Hill Denham will create both for you.

5. Can I buy shares for a minor?

Yes. As a guardian, you can buy shares for a child below 18. You will need the minor’s National Identification Number (NIN) and your details (BVN, email address, phone number). 

The Buying Process

1. How can I buy Dangote Refinery IPO shares on Flutterwave? 

You can buy the shares on the website or the dashboard. The process is short and straightforward: 

• Verify your identity using your BVN

• Provide your Next-of-Kin details

• Enter the amount you want to buy (you'll see a real-time share preview)

• Confirm or create your CSCS/CHN details

• Provide a bank account for future dividends

• Complete payment via bank transfer

• Receive a subscription confirmation

2. What is the offer price?

₦525.00 per share.

3. Is there a minimum or maximum amount of shares I can buy?

There’s no maximum amount of shares you can apply for. The minimum number of shares you can buy is 10 shares. Any additional amount must be in multiples of 10 (for example, 10, 20, 30, 50, 100, and so on). At the Offer Price of ₦525.00 per share, the minimum investment is ₦5,250.00.

4. Can I top up my subscription after the initial purchase? 

Yes. If you've already subscribed, you can top up your investment. Returning customers are routed directly to the amount entry step without repeating the identity verification process. Please note that additional shares are subject to availability. 

5. Can I complete my purchase from my Flutterwave balance?

No, you can’t. You can only make the payment from the Flutterwave checkout page. 

6. What payment methods can I use?

You can make your payments using the Bank Transfer payment method to the account number displayed to you on the Flutterwave checkout page. 

7. How long does it take to confirm the payment? 

Bank transfer payments are processed within minutes. You will receive a transaction receipt via email once your payment is successful. 

8. I didn’t receive a receipt after completing my payment. 

Send us your proof of payment via email at hi@flutterwavego.com or chat with us. We’ll be happy to assist.

Post Purchase

1. How will I know my subscription was successful?

You'll receive a subscription confirmation on-screen immediately after payment. You can also track your subscription status using your payment reference.

2. Will I definitely get all the shares I applied for?

Not necessarily. If the IPO is oversubscribed (more shares are requested than are available), you may receive fewer shares than you applied for. An allotment threshold will be determined, below which all applications will be fulfilled in full. Above that threshold, shares may be scaled back proportionally.

3. What does "allotment" mean?

Allotment is the process by which a company decides how many shares each applicant will receive. After the IPO period closes, the company reviews all applications and determines the "Basis of Allotment," which is the rule for distributing shares. This must be approved by the SEC before shares are allocated.

4. What happens if I'm not allotted all the shares I applied for?

Allotment depends on total demand. If demand is higher than the shares available, you may get fewer than you applied for. Any amount for which you don’t receive  allotted shares is refunded to the bank account you shared during the application. 

5. How and when will I receive my shares?

You should receive your shares 5-8 weeks after the IPO closes, but this primarily depends on when the SEC’s clearance of the Basis of Allotment is gotten. The shares will be credited to your existing or newly created CSCS account within fifteen (15) business days after receipt of the SEC’s clearance of the Basis of Allotment.

6. Can I get a refund after subscribing?

No. Once your subscription is submitted and funds are settled, refunds are not available. Please ensure you're comfortable with your investment amount before confirming. Refunds are only processed when you don’t receive all the shares you subscribed for. 

7. Where can I see and manage my shares? 

Flutterwave is not a securities broker or portfolio management platform, so you can only view and manage your shares on your stockbroker’s app/platform or directly via the CSCS portal. 

8. When will I get dividends?

Dividends depend on the company's performance and are paid by Dangote Refinery directly into the bank account you provided during subscription. The company's board decides the dividend amount and timing, usually once a year after annual results are announced.

9. How do I sell my shares later?

Once your shares are in your CSCS account, you can sell them on the Nigerian Exchange (NGX) through your stockbroker. If a new CSCS account was created for you, Chapel Hill Denham becomes your broker. If you linked an existing CSCS account, contact your current broker.

Risk

1. Is this investment risky?

Yes. All investments in shares carry risk, and you could lose some or all of the money you invest. Do your due diligence before committing your funds to this IPO. Some investments go up in value, and some go down — there is no guarantee either way.

2. What are the main risks?

Key risks highlighted in the prospectus include: changes in global crude oil prices, which are affected by events like OPEC decisions and geopolitical conflicts; changes in refining margins; currency fluctuations between the US Dollar and the Naira; operational risks; competition from other refineries in Africa and globally; regulatory changes, etc. 

3. Can the value of my shares go down after listing? 

Yes. Share prices on the NGX move up and down based on many factors including the entity's performance, investor sentiment, the broader economy, and global events. You should only invest money you can afford to hold for the long term and that you are prepared to lose in a worst-case scenario.

Others

1. What if my CHN links to more than one share account?

We'll show you the accounts linked to your CHN and ask you to pick which one you want to use for this purchase. Your new Dangote Refinery shares will be added to that account.

2. Can I complete my purchase directly from my Flutterwave balance?

No, you can’t. You can only make the payment from the Flutterwave checkout page. 

3. I didn’t receive a receipt after completing my payment. 

Send us your proof of payment via email at hi@flutterwavego.com or chat with us. We’ll be happy to assist. 

4. Can I view my shares on my Flutterwave dashboard? 

No, you’d need to log in to your brokerage account to view your shares.

5. Is my money safe?

Yes, your funds are safe. Flutterwave employs top security frameworks that protect billions that are processed daily. Additionally, your funds are held in a designated collection account, separate from Flutterwave's operating funds, and are transferred to your stockbroker’s offer account. The whole process is regulated by the SEC.

6. Who do I contact for help?

Send us an email at hi@flutterwavego.com or chat with us. We’ll be happy to assist. 

For questions specifically about your shares after allotment, contact your stockbroker directly. 

Important 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 return.