NGX Prepares for Dangote Refinery IPO, Eyes Dual Listing

The Nigerian Exchange Group (NGX) is actively preparing for the Initial Public Offering (IPO) of the Dangote Refinery, a project described as "continental" in scope. NGX Chairman Dr. Umaru Kwairanga revealed that the exchange is positioning itself to facilitate the IPO, which involves offering three billion ordinary shares. Sources indicate investor demand has already surpassed $2 billion, with a minimum subscription of one million shares at $0.35 each.

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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.

Kwairanga, speaking during a visit to the Abu Dhabi Stock Exchange (ADX) in the UAE, expressed optimism about the refinery potentially considering a dual listing in a global financial center. He also anticipates active participation from Middle East investors, with roadshows planned in the UAE. The proceeds from the IPO are earmarked for expansion and general corporate purposes as the refinery scales up its operations.

During his meeting with ADX executives, Kwairanga sought collaborative efforts, including knowledge sharing and training programs. He commended the UAE's stability and its status as a global business destination, attributing it to strong leadership and resilience. He noted the significant improvements in the Nigerian capital market, with its index and market capitalization more than doubling in recent years, attracting renewed global investor interest.

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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 also referenced President Bola Ahmed Tinubu's recent visit to Abu Dhabi, aimed at highlighting Nigeria's economic reforms and its attractiveness for business. The NGX Chairman emphasized the exchange's leading role in the African Exchanges Linkage Project, underscoring its commitment to enhancing regional capital market integration.

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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.