For Nigerians living outside the country, investing in Nigeria’s capital market can sometimes appear more complicated than it is. The distance, questions around documentation, currency, account opening, custody and repatriation of funds can make investing in Nigerian stocks seem like something best handled from within the country. The Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO) is changing that equation for eligible non-resident and diaspora investors.
The public offer, which opened on 14 September and closes on 13 October 2026, provides an opportunity for eligible investors outside Nigeria to apply for shares in one of Africa’s most significant industrial projects through an online process. The offer comprises 4.1 billion ordinary shares at ₦525 per share, with a minimum subscription of 10 shares, equivalent to ₦5,250.
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For diaspora investors, however, the bigger question is not simply how much the shares cost. It is how someone sitting in London, Toronto, New York, Dubai, Johannesburg or elsewhere can participate in a Nigerian public offer without being physically present in Nigeria. The answer lies in using the appropriate regulated investment and custody infrastructure.
FSDH Capital is one of the Joint Issuing Houses on the Dangote Refinery IPO, and eligible non-resident and diaspora applications can be processed through the FSDH Nominees Custody Platform. This provides a digital route for investors outside Nigeria to complete the application process remotely. For an eligible investor living outside Nigeria, the application process through FSDH is designed to be completed online.
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The investor begins by visiting ipo-global.fsdhgroup.
Once the required documents have been uploaded and the investor’s details have been verified, the investor can select the number of Dangote Refinery shares they wish to apply for and submit the application. The process can therefore be completed remotely, allowing an eligible investor to participate from wherever they are.
An important part of the process for non-resident investors is the handling of the Certificate of Capital Importation, commonly known as the CCI. The CCI is important because it provides documentation of foreign capital brought into Nigeria for investment purposes. For eligible investors, FSDH facilitates the processing of the CCI as part of the investment process.
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This documentation establishes the investor’s basis for repatriating eligible dividends and sale proceeds through the official foreign-exchange framework, subject to applicable regulations, documentation, exchange rates and FX availability at the time of repatriation. For a diaspora investor, this is an important consideration.
Investing in Nigerian equities from abroad is not simply about getting the shares. Investors also want clarity about what happens to their investment and how eligible proceeds can eventually be transferred outside Nigeria. The CCI process provides the documentation needed to support that journey.
It is important, however, to distinguish between having the appropriate documentation and receiving a particular amount in a foreign currency. The amount ultimately received in the investor’s home currency will depend on the prevailing exchange rate and the availability of foreign exchange when the funds are repatriated. The investment itself is denominated in naira. Therefore, a diaspora investor should consider both the underlying investment risk and currency movements when assessing the investment.
An investor who begins with the Dangote Refinery IPO can, subject to applicable requirements, subsequently explore other Nigerian listed equities and capital-market opportunities. The Nigerian Exchange is accessible to foreign portfolio investors through licensed Nigerian stockbrokers, while non-resident investors typically use appropriate non-resident investor account structures. This makes the infrastructure supporting the first investment particularly important.
For FSDH Capital, the Dangote Refinery IPO is therefore not simply about facilitating another subscription. Its role as a Joint Issuing House, combined with its custody infrastructure and digital onboarding process for non-resident investors, creates a pathway through which Nigerians and other eligible investors outside the country can access a Nigerian capital-market opportunity. FSDH Capital is licensed by the Securities and Exchange Commission as a Broker/Dealer and Issuing House and is a Dealing Member of the Nigerian Exchange and FMDQ Securities Exchange. Its business spans investment banking, debt solutions and securities trading.
For a diaspora investor, that regulated infrastructure matters. It means the investor is not simply sending money to an individual or an unfamiliar online platform and hoping that the shares will eventually appear in an account. The process is connected to the formal Nigerian capital-market ecosystem, with onboarding, custody, allotment and documentation handled through the appropriate structures.
Investors should also be particularly careful about fraud. SEC has specifically warned investors participating in the Dangote IPO to use only officially designated and approved subscription channels and to verify the authenticity of websites and platforms before providing personal or financial information. The Commission has also cautioned investors against unsolicited WhatsApp messages, emails, social-media offers or individuals promising guaranteed or preferential allotments.
This is particularly relevant for diaspora investors, who may encounter social-media promotions or individuals claiming to have a special route into the offer. The safest approach is to use the designated FSDH global custody portal and the official support channels provided for the offer.
Investors requiring assistance can contact the FSDH support team through globalcustody@
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