The planned $1.6 billion initial public offering (IPO) of Dangote Petroleum Refinery could increase the number of active investors in Nigeria’s capital market by three to five times, the Nigerian Exchange Group (NGX Group) has projected.
NGX Group Managing Director and Chief Executive Officer, Temi Popoola, disclosed this on Thursday, October 22, 2026, during an interview with Reuters at the Financial Times Africa Summit.
He said the share offer could encourage more Nigerians to participate in the stock market by simplifying the process of purchasing shares through digital platforms and conventional channels.
According to Popoola, about 12 million Nigerians, representing roughly five per cent of the population, currently participate in the capital market. However, only a few hundred thousand actively trade shares.
The refinery’s public offering is expected to widen participation by allowing prospective investors to subscribe through channels such as WhatsApp, point-of-sale (POS) terminals and basic mobile phones.
The development comes as the subscription period approaches its revised closing date of October 27, following a two-week extension approved by the Securities and Exchange Commission (SEC).
Dangote Refinery commenced the $1.6 billion offer on September 14, 2026, making 4.1 billion ordinary shares available at N525 each. The company aims to raise approximately N2.15 trillion from the exercise.
With a minimum subscription of 10 shares valued at N5,250, the offer is designed to make ownership of the 700,000-barrel-per-day facility accessible to ordinary Nigerians, rather than limiting participation to institutional investors and wealthy individuals.
The subscription process spans approximately 55 platforms, including 20 banks, two mobile money operators, 32 fintech companies and the NGX Invest platform.
Beyond attracting individual investors, Popoola said the offering could encourage more businesses to consider raising capital through the Nigerian Exchange and other international markets.
He noted that some Nigerian companies were exploring opportunities to list their shares in London, New York and the Middle East. Seplat Energy, Airtel Africa and Guaranty Trust Holding Company already have secondary listings in London, while Dangote Cement is considering a similar move as early as November.
However, Popoola acknowledged that companies’ growing access to private funding could reduce the number seeking to raise money through public listings. NGX Group expects fewer than 10 Nigerian companies to list on the exchange over the next year.
Meanwhile, efforts are underway to extend the Dangote Refinery share offer to investors across other African countries.
The initiative has expanded beyond Kenya and Uganda to include proposed arrangements in Egypt, Botswana and Ethiopia, creating opportunities for investors outside Nigeria to gain exposure to the refinery.
In Kenya, the Capital Markets Authority approved a global depositary receipt (GDR) arrangement on October 5, enabling eligible investors to participate. The offer covering Kenya and Uganda targets approximately $300.4 million through the sale of about 729 million GDRs.
In Egypt, Dangote Group is engaging with the Egyptian Exchange on a proposed depositary receipt programme. In Botswana, the company is pursuing a programme involving approximately $500 million in depositary receipts, with Gaborone being considered as a trading venue for Southern African investors.
Ethiopia’s capital markets regulator has also approved an arrangement allowing the refinery to offer IPO-linked securities to a maximum of 100 qualified investors.
The expansion reflects efforts to broaden the refinery’s ownership base while strengthening cross-border investment opportunities across African capital markets.
