NGX CEO Temi Popoola on Dangote Refinery IPO's Impact

Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, stated that the Dangote Petroleum Refinery IPO could initiate a new wave of listings in Nigeria's capital market. He emphasized the structural shift occurring due to rising domestic participation, digital distribution, and large-scale capital raising.

The banking recapitalisation exercise, which involved 33 banks raising N4.65 trillion, alongside the Dangote Petroleum Refinery IPO, showcased the market's capacity to mobilize capital effectively. Popoola noted that domestic investors accounted for approximately 95% of total NGX transactions in August 2026, with retail investors contributing N615.83 billion.

He identified key factors driving this participation, including improved access to market information and increased investor awareness. A deeper domestic investor base is crucial for market resilience and attracting international investors.

Popoola also discussed the lessons learned from the banking recapitalisation exercise, highlighting the need for Nigeria to channel domestic savings into productive investments to support economic growth.