NGX Boosts Preparations for Dangote Refinery IPO and Expands Support for the African Exchanges Linkage Project

* 650,000bpd refining facility may consider dual listing in global financial centre

Ndubuisi Francis in Abuja

Chairman of the Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, announced that the Exchange is preparing for the Initial Public Offering (IPO) of Dangote Refinery. The refinery is reportedly offering three billion ordinary shares at $0.35 per share, with investor demand already exceeding $2 billion.

Kwairanga discussed NGX’s IPO preparations over the weekend during a visit to the Abu Dhabi Stock Exchange (ADX) in the United Arab Emirates, where he met with the exchange’s board and management.

He said: “In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world, will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE.”

Reuters reported on Friday that the refinery is offering 3 billion ordinary shares at $0.35 per share, with investor demand already exceeding $2 billion.

According to the report, investors must subscribe to a minimum of one million shares ($350,000), with additional purchases in multiples of 500,000 shares. Shares will be subject to a 365‑day lock‑up period.

Proceeds will be used for expansion and general corporate purposes as the refinery ramps up operations and strengthens its market position, the document showed.

During the meeting with the UAE‑based exchange executives, Kwairanga sought collaborative efforts between NGX and ADX, noting that both markets could explore knowledge sharing and training programmes.

He expressed delight that, despite ongoing geopolitical tensions, the Abu Dhabi Exchange and the UAE remain a global destination of choice for business.

He observed that this was a clear demonstration of the solid foundation laid by the founding fathers and the resilience, determination and focus of current leaders, adding that he had no doubt the UAE would emerge stronger from present issues.

He said the NGX, which he chairs, and the Nigerian capital market have witnessed dramatic improvement in performance and operations over the last couple of years.

“Our index and market capitalisation has more than doubled in the last couple of years and we have been attracting renewed interest from investors from all parts of the globe, including the Middle East,” Kwairanga said in a statement he personally signed.

“I recall that our President, Bola Ahmed Tinubu, who is Nigeria’s leader and chief marketer, was in Abu Dhabi earlier this year to inform investors about ongoing economic reforms in Nigeria and why it is a very attractive destination for business,” he added.

The NGX Chairman said the exchange is also at the forefront of the African Exchanges Linkage Project, which will seamlessly link stock exchanges in several African countries for intra‑African trading and broaden the continent’s capital markets significantly.

“I believe during this visit we will discuss areas for collaboration between our two exchanges in areas such as exchange of knowledge and training programmes, especially product development, cross‑border listings, openings in Nigeria for UAE‑quoted companies that may wish to expand. One product/platform that I believe we can work on is Tabadul,” he said.

“In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world, will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE,” he repeated.