The Dangote Refinery IPO subscription window has closed, and for many investors, attention has turned to one question: how many shares will I receive?

It is natural to expect the exact number you applied for. You made a decision, set funds aside and completed your application. Yet, as with many things in life, what we plan for and what we receive are not always the same. In a public offer, that difference has a clear explanation.

How Share Allotment Works

Share allotment is the process that determines how many shares each applicant receives. When demand for an offer exceeds the number of shares available, the offer is oversubscribed, and shares are distributed according to an approved basis of allotment.

Put simply, the number of shares you apply for is a request, not a guarantee. A confirmed application or payment does not mean your full request has been allotted.

What Happens Now

With the offer closed, the process moves through three stages: verification of applications, regulatory clearance of the basis of allotment and publication of the allotment results.

Once the results are confirmed, you will know exactly how many shares you have received. Funds for any shares not allotted will be refunded in line with the offer terms and the announced timeline. Your allotted shares will then be credited to your CSCS account, subject to applicable requirements, ahead of listing and trading on the Nigerian Exchange (NGX).

Your Next Steps

If you subscribed through InvestNow by United Capital:

• Follow updates on the platform and through United Capital’s official channels.
• Confirm that your bank and securities account details are accurate.
• Once allotment and settlement are complete, verify your allocation and where your shares have been credited.
• Track any refund due if you receive fewer shares than you requested.

Above all, rely only on official announcements for confirmed information on allotment, refunds and listing dates.

A Different Outcome Is Not a Wrong One

We do not always get exactly what we want. But an outcome that differs from our expectations does not mean something has gone wrong. In investing, understanding the process turns uncertainty into clarity.

Investing is not only about taking up opportunities. It is about knowing what comes next.