Dangote Petroleum Refinery and Petrochemicals FZE’s $1.6 billion initial public offering (IPO) could increase the number of active investors in Nigeria’s capital market by as much as fivefold, according to the Nigerian Exchange Group (NGX Group).
The Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, disclosed this on Thursday, October 22, 2026, during an interview with Reuters at the Financial Times Africa Summit.
The projection comes as the Dangote Refinery IPO, which is targeting 10 million investors through digital and traditional subscription channels, approaches its revised closing date of October 27, following a two-week extension approved by the Securities and Exchange Commission (SEC).
NGX projects fivefold investor growth
According to Popoola, approximately 5% of Nigerians, representing about 12 million people, currently participate in the country’s capital market, although only a few hundred thousand actively trade.
He explained that the Dangote Refinery IPO, promoted as the “People’s IPO”, could significantly expand investor participation by making share subscriptions accessible through WhatsApp, point-of-sale (POS) terminals and basic mobile phones.
- “What we expect this offer to do is … make that three to five times the number of active investors that we have in the country,” Popoola said, without providing a specific figure.
- Beyond increasing retail participation, Popoola said the offering could attract more companies to Nigeria’s capital market while strengthening infrastructure for primary and secondary listings across international exchanges.
He noted that more Nigerian companies were considering listings in London, New York and the Middle East, creating opportunities for shares to be traded across multiple markets.
Companies such as Seplat Energy, Airtel Africa and Guaranty Trust Holding Company already have secondary listings in London, while Dangote Cement is also considering a London listing as early as November.
However, Popoola acknowledged that growing access to private capital could limit new stock market listings, with the exchange expecting fewer than 10 Nigerian companies to list over the next year.
Dangote Refinery targets 10 million investors
Dangote Petroleum Refinery launched its $1.6 billion IPO on September 14, 2026, offering 4.1 billion ordinary shares at N525 per share, with the aim of raising approximately N2.15 trillion from investors.
The offering, described as one of Africa’s largest IPOs, is targeting 10 million investors as part of a broader strategy to democratise ownership of the 700,000-barrel-per-day refinery.
- The minimum subscription is 10 shares, valued at N5,250, making the offering accessible to retail investors.
- The subscription process was launched through about 55 digital channels, including 20 banks, two mobile money operators, 32 fintech platforms and NGX’s Invest platform.
- The initiative is designed to expand investment opportunities beyond institutional investors and high-net-worth individuals to ordinary Nigerians.
Nairametrics previously reported that the refinery extended the subscription deadline by two weeks, from October 13 to October 27, 2026, following approval from the SEC.
Dangote IPO expands across African markets
The Dangote Refinery IPO is also being promoted beyond Nigeria as NGX Group seeks to strengthen cross-border investment opportunities and attract investors from other African capital markets.
Nairametrics previously reported that NGX Group was expanding the offering into Egypt, Ethiopia and Botswana, following earlier arrangements to facilitate investor participation in Kenya and Uganda.
- Kenya: The Capital Markets Authority approved a global depositary receipt (GDR) arrangement on October 5, allowing eligible Kenyan investors to participate in the IPO. The East African offering, covering Kenya and Uganda, is targeting approximately $300.4 million through the sale of about 729 million GDRs.
- Egypt: Dangote Group has engaged the Egyptian Exchange on a proposed depositary receipt programme that would enable investors in the North African country to acquire exposure to shares in the refinery.
- Botswana: The company is pursuing a programme involving approximately $500 million in depositary receipts, with Gaborone proposed as a trading venue for investors across Southern Africa.
Also in Ethiopia, the country’s capital markets regulator has approved an arrangement allowing the refinery to offer IPO-linked securities to up to 100 qualified investors.