CardinalStone is providing investors with digital access to the ongoing Dangote Petroleum Refinery IPO through its CS Alpha investment platform, as the ₦2.15 trillion public offer moves towards its October 13, 2026 closing date.
The investment banking and securities group is one of the joint issuing houses to the offer, giving investors the option to subscribe through the CS Alpha web platform or mobile application. CardinalStone reported that new investors do not need to be existing customers before participating through the platform, widening access to retail investors seeking to subscribe to the offer digitally.
The Dangote Petroleum Refinery and Petrochemicals FZE IPO comprises 4.1 billion ordinary shares offered at ₦525 per share. The offer opened on September 14 and is scheduled to close on October 13, 2026. Investors can subscribe for a minimum of 10 shares, equivalent to ₦5,250, with subsequent applications made in multiples of 10 shares.
CS Alpha is CardinalStone’s proprietary digital investment platform and provides investors with access to securities trading, market information and investment opportunities. For the Dangote Refinery IPO, investors can use the platform to begin and complete their subscription process online rather than relying solely on physical application channels. The platform can be accessed through the CS Alpha website and mobile application, with the Dangote IPO currently available as one of its investment offerings.
Kanyi Daily reports that the digital route is particularly relevant as the offer targets a broad investor base, including retail investors who can enter with the minimum ₦5,250 subscription. Dangote Refinery is raising capital through the IPO to support the planned expansion of its Lagos refinery from an operational baseline of about 700,000 barrels per day to 1.4 million barrels per day.
CardinalStone’s role in the public offer comes alongside increased activity in its stockbroking business on the Nigerian Exchange. An analysis of NGX trading records for August and September 2026 shows that CardinalStone handled about 2.59 billion units of shares in September, compared with approximately 2.55 billion units in August. This represents an increase of about 36.18 million units, or 1.4% month-on-month.
The increase was much stronger in transaction value. The value of securities traded through CardinalStone rose from approximately ₦143.87 billion in August to ₦249.21 billion in September, an increase of about ₦105.34 billion. That translates to a 73.2% month-on-month increase in transaction value, even as the number of units traded rose only marginally.
On a year-to-date basis, CardinalStone handled 36.42 billion units of shares valued at ₦2.02 trillion between January and September 2026, crossing the ₦2 trillion transaction value mark for the nine-month period. The figures indicate that CardinalStone handled a considerably higher-value mix of transactions during September, underlining the scale of activity passing through its stockbroking business.
CardinalStone is an independent multi-asset investment management firm serving institutional, high-net-worth and retail clients. Its operations span seven major business areas: Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services, Financing and Pensions. Headquartered in Lagos, with offices in Abuja and Port Harcourt, CardinalStone has developed a presence across several areas of Nigeria’s financial market, ranging from securities execution and investment management to capital raising and corporate advisory.
CardinalStone has a track record of being ranked as the NGX’s number one securities firm by transaction value for four consecutive years between 2022 and 2025. The firm was also the first securities house to surpass ₦2 trillion in transaction value on the Exchange. CardinalStone Securities was named Africa’s Best Broker at the 2025 Euromoney Capital Markets Awards and Stockbroker of the Year at the 2026 Nairametrics Capital Market Awards.
