Dangote commends NGX leadership for transforming Nigeria’s capital market

Business, Markets & Finance

LAGOS, Nigeria (NPA) — 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 and positioning the Exchange for greater participation.

Dangote made the commendation on Monday at the Facts Behind the Offer presentation and Opening Gong ceremony for the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, held at the Nigerian Exchange in Lagos.

Reflecting on his tenure as President of the Exchange, Dangote recalled his efforts to mobilise stakeholders towards repositioning the institution as a world-class exchange.

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He credited NGX Group Chairman, Alhaji Umaru Kwairanga, and the 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” behind what he called the transformation of the Exchange.

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

The Dangote Refinery IPO is expected to deepen the connection between a major Nigerian enterprise and the domestic capital market while creating an opportunity for broader ownership of the company.

Marketed as an “IPO for the People”, the offer comprises 4.1 billion ordinary shares at N525 per share, 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.

Speaking on the significance of the offer, Popoola said the refinery IPO represented an important development for Nigeria’s capital market beyond the size of the transaction.

“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 Group had spent the past three years developing infrastructure aimed at expanding access to investment opportunities.

He said NGX Invest now connects the offer to more than 100 distribution channels covering 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,” he said.

According to him, the approach would help create what he described as an “ownership economy”, in which Nigerian businesses could access long-term capital while more Nigerians have opportunities to participate in their growth.

“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,” Popoola said.

He said NGX Group would continue to strengthen market infrastructure and investor access while supporting further large-scale capital raises in Nigeria and across the continent.

“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 added.