FCMB's Ladi Balogun Promotes Dangote Refinery IPO

Ladi Balogun, the Group Chief Executive of First City Monument Bank (FCMB), described the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE as a significant opportunity for Nigerians to invest in a large-scale business. The IPO opened on September 14 and will close on October 13, offering 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares, allowing participation from as little as N5,250.

If fully subscribed, the IPO could raise approximately N2.15 trillion, marking it as one of the largest capital-market transactions in Nigeria. Balogun emphasized the growing depth of Nigeria’s capital market, attracting various investors, including retail, high-net-worth individuals, and international capital.

He noted that the refinery is largely insulated from macroeconomic risks and highlighted the increasing number of credible domestic companies on the Nigerian Exchange. FCMB is participating in the transaction through its subsidiaries, with FCMB Capital Markets acting as a joint issuing house and CSL Stockbrokers as the stockbroker.