Investors Rush to Keystone Bank Subscription Channels for Dangote Refinery IPO

Investors have been rushing to Keystone Bank Limited’s approved subscription channels following the opening of the Dangote Petroleum Refinery and Petrochemical’s 4.1 billion share initial public offering (IPO), as interest in the landmark offer continues to build.

Keystone Bank, which has been authorised as a receiving agent for the public offer, said in a statement on Tuesday that its approved channels are available to existing customers, non-customers and other eligible investors seeking to subscribe for shares in the Dangote Refinery.

The public offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026. Under the terms of the offer, 4.1 billion ordinary shares are being offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. Investors may apply for additional shares in line with the conditions set out in the offer documents.

Since the offer opened, the bank said investors have continued to use its approved digital and physical channels to submit applications and participate in the public offer, reflecting the growing interest in the Dangote Refinery IPO.

Keystone Bank however advised investors to ensure that their personal and banking details, including their Bank Verification Number (BVN), are accurate and up to date before submitting their applications.

The lender warned investors to subscribe only through approved channels and remain vigilant against fraudulent investment schemes.

Executive director, Corporate Bank and South, Keystone Bank, Nnenna Anyim Okoro, described the offer as an opportunity for Nigerians to own a stake in an enterprise expected to contribute significantly to the country’s industrial and economic development.

“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.

“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.”

On how investors can participate, Anyim Okoro pointed to the bank’s approved subscription channels as the practical bridge between investors and the public offer.

She said, “As always, we encourage investors to undertake appropriate due diligence, carefully review the offer documentation, and make informed decisions consistent with their financial goals.

“We look forward to enabling wider participation in this significant milestone for Nigeria’s capital market and economic development.”

“Investors seeking further information on the offer and the bank’s subscription process can access the Keystone Bank’s dedicated Dangote Refinery IPO page: https://www.keystonebankng.com/keystone-bank-dangote-petroleum-refinery-ipo/

Keystone Bank Limited is a Nigerian commercial bank serving individuals, businesses and corporate customers through a network of more than 157 branches nationwide. Licensed by the Central Bank of Nigeria in 2011, the bank provides retail, commercial and digital banking solutions, with a focus on innovation, financial inclusion and customer-centric services.