Dangote Refinery IPO: Africa's Landmark Public Offering & Strategic Investment Overview

CITYCODE TRUST & INVESTMENT COMPANY LIMITED (Trading License Holder of the Nigerian Exchange Group & SEC Registered Broker-Dealer)

EXECUTIVE SUMMARY The upcoming Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals represents a watershed moment in African capital market history. As the single largest corporate transaction ever executed on the Nigerian Exchange (NGX), the offering gives both retail and institutional investors direct equity participation in Africa’s premier energy infrastructure asset.

OFFERING STRUCTURE & VALUATION PARAMETERS The company aims to raise approximately $1.6 billion by offering 4.1 billion ordinary shares at ₦525.00 per share, with an over-allotment option potentially expanding gross proceeds to $2.1 billion.

Key Transaction Details: • Offer Price: ₦525.00 per ordinary share • Minimum Subscription: 10 shares (₦5,250.00), with additional shares in multiples of 10 • Offer Opens: Monday, September 14, 2026 • Offer Closes: Tuesday, October 13, 2026 • Lead Receiving Agent & Stockbroker: Citycode Trust & Investment Company Limited

OWNERSHIP AND DILUTION ANALYSIS Post-IPO, founder Alhaji Aliko Dangote will maintain substantial ownership with a beneficial interest standing at approximately 84.34%. The transaction represents a primary equity issuance aimed at debt reduction and growth capital, meaning existing strategic shareholders are not executing secondary sell-downs.

The Nigerian National Petroleum Company (NNPC) retains a legacy 7.25% equity stake, which Dangote Industries chose to dilute across public equity markets rather than through bilateral state acquisitions. This ensures broad public float, enhanced liquidity on the NGX, and democratic wealth distribution across Nigerian retail and institutional savers.

HOW CITYCODE CLIENTS CAN PARTICIPATE Investors can execute their subscription seamlessly through Citycode Trust's direct IPO fund mobilization portal. Whether you hold an existing CSCS account number or require Citycode to establish a new Central Securities Clearing System (CSCS) account with your Bank Verification Number (BVN), our team manages end-to-end allotment reconciliation and certificate crediting.