Dangote Commends NGX Leadership as N2.15trn Refinery IPO Opens

• Alko Dangote says the NGX has exceeded his expectations since his tenure as exchange president, crediting its current leadership with driving the transformation.

• The Dangote Refinery IPO offers 4.1 billion shares at N525 each, seeking to raise about N2.15 trillion from retail, institutional and eligible African investors.

• NGX says its digital distribution network now connects the offer to more than 100 channels, including stockbrokers, banks and fintechs.

September 16, () – Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has praised the leadership of Nigerian Exchange Group (NGX Group) for transforming Nigeria’s capital market, saying the exchange has reached a level he did not expect when he served as its president.

Dangote spoke on Monday at the Facts Behind the Offer presentation and Opening Gong Ceremony for the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE at the Nigerian Exchange in Lagos.

Reflecting on his time as president of the exchange, Dangote said he had challenged stakeholders to help build a world-class institution and expressed satisfaction with the progress made under the current leadership.

He specifically commended NGX Group Chairman Umaru Kwairanga and Group Managing Director and Chief Executive Officer Temi Popoola for 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.

“I never thought this exchange would be at this level in 2026,” he added.

The comments came as the Dangote Refinery IPO formally opened, placing one of Nigeria’s largest privately owned industrial assets before the investing public and potentially broadening domestic participation in its ownership.

The offer, marketed as an “IPO for the People,” comprises 4.1 billion ordinary shares priced at N525 each. The minimum subscription is 10 shares, requiring an investment of N5,250.

The offer opened on September 14 and is scheduled to close on October 13, with the company targeting approximately N2.15 trillion in proceeds.

The offer is open to retail and institutional investors as well as eligible investors across Africa, positioning the transaction as one of the country’s largest attempts to mobilise capital-market funding from a broad investor base.

NGX expands digital access

Popoola said the transaction also demonstrates efforts by NGX to make participation in the capital market easier through digital distribution.

According to him, NGX Invest now connects the Dangote Refinery offer to more than 100 distribution channels, including stockbrokers, banks, fintechs and other financial institutions.

He said the platform’s API-based connectivity was designed to bring investment opportunities closer to platforms already used by Nigerians.

“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.

He added that NGX would continue strengthening market infrastructure and investor access as it supports large-scale capital raising in Nigeria and across Africa.

The refinery IPO therefore places the NGX’s expanding infrastructure alongside a major test of how effectively Nigeria’s capital market can channel large-scale investment opportunities to a wider pool of investors.