The planned $1.6 billion initial public offering (IPO) of Dangote Petroleum Refinery could increase the number of active investors in Nigeria’s capital market by three to five times, according to the Nigerian Exchange Group (NGX Group).
Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, gave the projection in an interview with Reuters at the Financial Times Africa Summit on Thursday, October 22, 2026.
Popoola said about 5% of Nigerians, representing approximately 12 million people, participate in the capital market, although only a few hundred thousand trade actively.
“What we expect this offer to do is … make that three to five times the number of active investors that we have in the country,” Reuters quoted Popoola as saying. He did not provide a specific target for the number of active investors.
The refinery’s public offer, branded the “People’s IPO”, aims to attract 10 million investors through about 55 digital channels, including banks, fintech platforms, WhatsApp and point-of-sale terminals.
The offer opened on September 14, 2026, with 4.1 billion ordinary shares priced at ₦525 each, targeting proceeds of approximately ₦2.15 trillion. At the offer price, the minimum subscription of 10 shares costs ₦5,250.
The Securities and Exchange Commission approved a two-week extension of the subscription period to October 27, 2026, to give more investors, including those across Africa, additional time to participate.
According to the company, the offer has attracted subscriptions from investors in more than 90 countries, including 51 of Africa’s 54 countries.
Popoola also said NGX Group was working to strengthen connections between African capital markets, including exchanges in Egypt, Kenya, Botswana and Ethiopia. He said depositary receipt arrangements were either in place or awaiting regulatory approval.
“Africa is being connected not just by rhetoric, but [by] real solutions on the ground,” Reuters quoted him as saying.
The initiative comes as Nigerian companies increasingly explore access to international capital markets. Popoola cited companies with secondary listings in London, including Seplat Energy, Airtel Africa and Guaranty Trust Holding Company, while Dangote Cement was planning a London listing as early as November 2026.
However, Popoola acknowledged that companies’ growing access to private capital could limit the number of businesses seeking listings on the domestic exchange. NGX Group expects fewer than 10 Nigerian companies to list over the following year.
Dangote Refinery, a 700,000-barrel-per-day facility, is seeking to broaden public ownership through the offer and bring more retail investors into the stock market.
The subscription period is scheduled to close on October 27, 2026, with trading on the Nigerian Exchange expected to begin in November, subject to the applicable regulatory and listing processes.
The success of the offer could provide a significant test of whether a large public share sale can draw more Nigerians into active stock market trading.
