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.
He spoke 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 on Monday, at the Nigerian Exchange in Lagos.
Reflecting on his tenure as President of the Exchange, Dangote recalled inviting stakeholders to support efforts to position it as a world-class institution.
He credited NGX Group Chairman, Alhaji Umaru Kwairanga, and 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, describing the pair 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 puts that transformation into practice, connecting a major Nigerian enterprise with domestic and international capital while creating opportunities for broader share ownership.
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 will close on October 13, 2026. Expected to raise approximately N2.15 trillion, it provides retail, institutional and eligible African investors with an opportunity to acquire a stake in the refinery.
According to Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, “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.
“For the past three years, we have been quietly building the infrastructure to do precisely that. Today, NGX Invest connects this offer to more than 100 distribution channels spanning 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.
“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.
“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.”
Culled from ThisDay