NEWS
NGX Takes Dangote Refinery’s ₦2.15tn IPO to Investors in Three African Countries
NGX Takes Dangote Refinery’s ₦2.15tn IPO to Investors in Three African Countries
NGX Group is promoting Dangote Refinery’s $1.6bn IPO in Egypt, Ethiopia and Botswana to broaden African investor participation.
The offer, comprising 4.1 billion shares at ₦525 each, has been extended to October 27, 2026.
The cross-border campaign forms part of efforts to deepen integration among African capital markets and widen access to investment opportunities.
October 16, () – The Nigerian Exchange Group is taking Dangote Petroleum Refinery and Petrochemicals FZE’s ₦2.15tn initial public offering to investors in Egypt, Ethiopia and Botswana as it seeks to attract cross-border participation in the share sale.
The IPO, which opened on September 14, 2026, was initially scheduled to close on October 13 but has been extended to October 27.
Speaking during engagements with the Egyptian Exchange, Ethiopian Securities Exchange and Botswana Stock Exchange, NGX Group Chairman, Umaru Kwairanga, said the roadshow was intended to broaden ownership of the refinery and demonstrate how cooperation among African capital markets could support industrial development.
Beyond fundraising
Every second brings Nigerians closer to exercising their democratic right and shaping the future of our nation.
Exercise your democratic right responsibly, peacefully and lawfully.
Kwairanga said the offer was more than a fundraising exercise for a major Nigerian enterprise, arguing that it could provide investors across the continent with an opportunity to participate in the growth of a large industrial project.
He said the refinery’s expansion plans and operating performance presented an opportunity to attract investors beyond Nigeria, while strengthening financial connections between African markets.
Channel
The NGX Group chairman also said the initiative aligned with efforts to build a more integrated African capital market capable of mobilising funding for businesses operating across national borders.
He argued that stronger connections among exchanges, larger investment opportunities and easier cross-border participation would help African markets develop the scale and liquidity needed to compete more effectively with established markets in the West and Far East.
Kwairanga linked the ambition to the African Continental Free Trade Area, saying capital markets needed to complement trade integration by improving access to financing for businesses across the continent.
Expanding investor access
Kwairanga said NGX Group and the refinery had decided to visit selected African exchanges after receiving inquiries from investors in Africa and other regions about participating in the offer.
He said the roadshow would formally introduce the refinery to investors and explore ways to facilitate cross-border participation.
The campaign follows efforts in Kenya to establish depositary receipt arrangements that could make it easier for investors to participate in the share sale through cross-border market infrastructure.
Such arrangements could widen the pool of potential investors, although the practical scope of participation will depend on the applicable offer terms, regulatory approvals and the arrangements available in each market.
The refinery is offering 4.1 billion ordinary shares at ₦525 per share, putting the total value of the offer at approximately ₦2.15tn, or $1.6bn.
The cross-border campaign represents part of NGX Group’s broader effort to strengthen links between African exchanges and widen investor access to major businesses beyond their domestic markets.
DO YOU WANT TO WHISTLEBLOW, REPORT FRAUD, THEFT OR INJUSTICE OR INTIMIDATION? SEND US YOUR STORY/REPORT TO NEWSDESK@MEDIATODAY.NG
