The Initial Public Offering (IPO) of Dangote Petroleum Refinery could strengthen Nigeria’s appeal to investors in the Gulf region and deepen investment flows between Nigeria and the Middle East, Chairman of Nigerian Exchange Group (NGX Group), Umaru Kwairanga, has said.
Kwairanga made the remarks during an interview at Money20/20 Middle East in Riyadh, Saudi Arabia, where he highlighted the significance of the Dangote Refinery IPO to Nigeria’s capital market.
According to him, the transaction demonstrates that Nigeria’s public market has the capacity to support companies of significant scale while providing opportunities for both local and international investors.
He said the IPO could also encourage other large Nigerian and African companies to consider the capital market as a source of long-term financing.
“The Dangote Petroleum Refinery IPO sends an important signal about the capacity and ambition of Nigeria’s capital market,” Kwairanga said.
He noted that the Gulf region represents a significant opportunity for Nigeria because of the large pools of institutional capital managed by sovereign wealth funds, asset managers and family offices.
Kwairanga identified financial services, telecommunications, energy, infrastructure and industrial development as some of the sectors with investment opportunities for Gulf investors.
The NGX chairman also pointed to recent reforms in Nigeria’s capital market, including the transition to T+1 settlement and the extension of trading hours.
Nigeria is also set to return to the FTSE Russell Frontier Market universe from September 21, 2026, a development expected to improve the international visibility of the country’s capital market.
Kwairanga said NGX Group would continue to strengthen its relationships with Gulf institutional investors and improve the visibility of Nigerian companies internationally.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026. It is expected to raise about ₦2.15 trillion.
Kwairanga also stressed the importance of investor protection and education as technology makes participation in public offers more accessible.
“Technology can widen participation and make investing more accessible, but access must grow alongside investor protection and education. Ultimately, trust is what sustains a capital market,” he said.
