Aliko Dangote has been emphatic about the Dangote Refinery being a “people’s IPO.” According to him, the refinery should not become another state-dominated asset. He wants Nigerians to own it. Here are platforms where you can buy Dangote stocks.
The People’s IPO
Aliko Dangote has been emphatic about the Dangote Refinery being a “people’s IPO.” When the Nigerian National Petroleum Company attempted to increase its 7.25% stake in the facility, Dangote rejected the offer outright. His reasoning was straightforward: the refinery should not become another state-dominated asset. He wants Nigerians to own it.
The deliberate decision to rule out an immediate foreign listing reinforces this. For at least three years, the primary listing will remain in Nigeria. No dual listing on Nairobi or Johannesburg for now. Maybe later, but not now. That creates genuine exclusivity, a rarity in an era of global capital mobility. The company wants to prove production and financial performance over three years before considering overseas markets. When it eventually does list internationally, management believes it can command a higher valuation with a proven track record.
For Nigerian investors, this creates a unique window. The July 2026 private placement, which raised $2.5 billion and was 3.7 times oversubscribed, suggests institutional appetite is strong. But ordinary Nigerians will have access that international investors currently lack.
Here are the five platforms best positioned to help investors participate.
1. Bamboo
Bamboo has established itself as a leading digital brokerage in Nigeria with over 500,000 registered users. The platform gives investors access to more than 3,500 US and Nigerian stocks and ETFs, as well as fixed income products. For Nigerian stocks, the platform offers a straightforward interface that has attracted over 100,000 active investors. Bamboo charges a trade commission of 1.5% per buy or sell order for US stocks, with a minimum charge of $1. Its growing user base and established infrastructure make it a natural choice for investors looking to participate in the IPO.
2. Risevest
With over 600,000 users, Risevest has built a significant following among Nigerian retail investors. The platform allows users to invest in US-based assets including real estate, stocks, and fixed-income plans, with a minimum investment of $1. However, prospective investors should note that as of early 2025, the Securities and Exchange Commission had warned that Risevest is not registered with them to operate in Nigeria’s capital market. This regulatory status is worth monitoring as the IPO approaches. Risevest charges a management fee ranging from 0.5% to 2% on investment returns depending on performance, with a $3 monthly account maintenance fee.
3. Cowrywise
Cowrywise has grown to over 500,000 active users, with some reports suggesting the platform has reached over two million customers in Nigeria. The platform focuses on the underserved middle class and millennials, offering savings and investment products including Naira mutual funds. Cowrywise generally does not charge direct management fees for savings. For Naira mutual fund investments, it charges a 1.5% processing fee capped at ₦2,000. The platform’s accessibility and focus on small retail investors make it particularly relevant for the Dangote IPO’s “people’s IPO” framing.
4. Trove Finance
Trove Finance has 400,000 registered users and gives them access to over 5,000 listed assets across Nigerian, US, and Chinese stock markets. The platform has processed over ₦500 billion in trades and recently acquired a long-standing broker-dealer firm previously owned by Union Bank. This acquisition suggests growing institutional capability. Trove charges 1.35% plus regulatory fees on Nigerian stocks and a 1.5% commission on US trades. Users can start investing with a minimum deposit of ₦1,000 or $10, lowering the barrier to entry significantly.
5. Chaka
Chaka is a Nigerian SEC-licensed digital investment platform serving over 100,000 African users. It provides access to more than 4,000 stocks and ETFs from the Nigerian Stock Exchange, NASDAQ, and the New York Stock Exchange. For local Nigerian stocks, Chaka charges a 0.5% commission or a minimum of ₦100. There are no account opening or maintenance fees. Its SEC licensing provides additional regulatory comfort for investors concerned about platform legitimacy.
