President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has praised the leadership of the Nigerian Exchange Group (NGX Group) for transforming Nigeria’s capital market, as the Dangote Petroleum Refinery and Petrochemicals FZE opened its initial public offering (IPO).
Dangote spoke on Monday at the Facts Behind the Offer presentation and Opening Gong ceremony for the refinery’s IPO at the Nigerian Exchange in Lagos.
Reflecting on his time as President of the Exchange, Dangote recalled efforts to rally stakeholders behind the ambition of building a world-class capital market institution.
He credited NGX Group Chairman, Alhaji 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 described Kwairanga and Popoola as “two great guys” driving the transformation of the Exchange. “I never thought this exchange would be at this level in 2026,” he added.
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The Dangote Refinery IPO marks a major transaction for Nigeria’s capital market, linking one of the country’s largest industrial assets with domestic and international investors while creating an opportunity for wider public ownership.
Marketed as an “IPO for the People,” the offer comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250.
The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026. It is expected to raise approximately N2.15 trillion and is open to retail, institutional and eligible African investors seeking to acquire an interest in the refinery.
Speaking at the event, Popoola said the transaction represents more than a large-scale capital raise, describing it as an opportunity to expand participation in the ownership of major Nigerian businesses.
“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,” he said.
Popoola said NGX had spent the past three years strengthening infrastructure aimed at improving investor access.
According to him, NGX Invest now connects the offering to more than 100 distribution channels, including stockbrokers, banks, fintechs and other financial institutions.
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“Through API-based connectivity, we are taking investment opportunities closer to the platforms and channels that people already use,” he said.
Popoola added that the initiative would support the development of what he described as an “ownership economy,” in which Nigerian companies can access long-term capital while more Nigerians gain opportunities to participate in their growth.
“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,” he said.
