The $1.6 billion initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE could expand the active retail investor base in Nigeria’s capital market fivefold.
According to the Nigerian Exchange Group (NGX Group), the landmark transaction aims to onboard 10 million domestic participants. Currently, only a fraction of account holders actively trade on the exchange.
The offering comprises 4.1 billion ordinary shares priced at N525 ($0.40) per share, bringing total target proceeds to approximately N2.15 trillion. Minimum entry is set at 10 shares.
Subscription access spans roughly 55 digital channels, including 20 commercial banks, 32 fintech platforms, two mobile money operators, and the NGX Invest portal to drive mass adoption.
The Securities and Exchange Commission approved a two-week extension for the offer window. The deadline moved from October 13 to October 27, 2026, giving retail applicants more time.
To broaden cross-border liquidity, the NGX Group is promoting the offer across Africa. It is targeting depository receipt programs and cross-listings in Botswana, Ethiopia, and Egypt.
