Follow Us on Google
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has commended the leadership of Nigerian Exchange Group (NGX Group) for transforming Nigeria’s capital market, saying the Exchange has developed beyond the level he expected by 2026.
Dangote, who spoke at the Facts Behind the Offer presentation and Opening Gong Ceremony for the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE at the Nigerian Exchange in Lagos, recalled his tenure as President of the Exchange and his efforts to encourage stakeholders to position it as a world-class institution.
He credited NGX Group Chairman, Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, with advancing that vision. “I must thank the Exchange, led by its Group Chairman, Kwairanga, who I think I must thank for not disappointing us. And we have the very capable Temi Popoola, a truly exceptional and level-headed leader,” Dangote said.
He added, “I never thought this exchange would be at this level in 2026.”
The Dangote Refinery IPO is the latest major transaction on the Exchange, with the offer comprising 4.1 billion ordinary shares at N525 per share. The minimum subscription is 10 shares, valued at N5,250.
The offer opened on September 14 and is scheduled to close on October 13, with the transaction expected to raise about N2.15 trillion.
Other News
Speaking on the infrastructure supporting the offer, Popoola said NGX Invest had connected the IPO to more than 100 distribution channels, including stockbrokers, banks, fintechs and other financial institutions.
“The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents: a capital market where more Nigerians can participate in the value created by the country’s most important businesses,” Popoola said.
“For the past three years, we have been quietly building the infrastructure to do precisely that. Today, NGX Invest connects this offer to more than 100 distribution channels spanning stockbrokers, banks, fintechs and other financial institutions. Through API-based connectivity, we are taking investment opportunities closer to the platforms and channels that people already use.”
Popoola said the infrastructure was intended to facilitate wider participation in the capital market by connecting investors with companies seeking long-term capital. “This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”
He added, “At NGX Group, we will continue strengthening market infrastructure and investor access as we support further large-scale capital raises across Nigeria and the continent.”
