The Nigerian capital market is stepping up efforts to attract major foreign investors ahead of the anticipated Initial Public Offering (IPO) of Dangote Refinery, with a proposed minimum entry requirement of $350,000 for prospective subscribers.
Key Highlights;
- The Dangote Refinery IPO is expected to launch in September 2026.
- Investors will need a minimum investment of about $350,000 (1 million shares).
- The offering will involve 3 billion shares priced at roughly $0.35 per share.
- The Nigerian Exchange Group is courting Middle Eastern investors to participate.
The move was disclosed by the Group Chairman of the Nigerian Exchange Group (Nigerian Exchange Group), Umaru Kwairanga on Wednesday, during a strategic engagement with the Abu Dhabi Securities Exchange (Abu Dhabi Securities Exchange) in the United Arab Emirates.
Kwairanga said the NGX is actively engaging Middle Eastern institutional and high-net-worth investors to participate in upcoming opportunities, particularly the Dangote Refinery IPO, which is expected to launch in September 2026.
He described the refinery offering as one of the most significant investment opportunities emerging from Africa, noting that it represents a large-scale industrial asset with continental and global relevance.
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According to him, the planned IPO will involve about three billion ordinary shares priced at approximately $0.35 per share. He added that investor interest has already exceeded $2 billion ahead of the formal offering.
Under the proposed structure, investors are expected to subscribe for a minimum of one million shares valued at about $350,000, with additional purchases allowed in multiples of 500,000 shares. The shares will also be subject to a 365-day lock-up period.
Kwairanga said proceeds from the IPO would be used to support expansion plans and strengthen operations as the refinery scales production and deepens its footprint in global energy markets.
He added that the NGX is working to deepen international partnerships, boost foreign portfolio inflows, and position Nigeria as a leading destination for capital raising in Africa.
The NGX chairman also highlighted broader reforms in Nigeria’s financial markets, noting that improved economic fundamentals have strengthened investor confidence and driven significant growth in market capitalization and index performance in recent years.
He further emphasized collaboration between African and Gulf capital markets, including technology transfer, capacity building, and cross-border trading initiatives under frameworks such as the African Exchanges Linkage Project (AELP).
