NGX Prepares for Dangote Refinery IPO Amid High Demand

The Nigerian Exchange Group (NGX), chaired by Dr. Umaru Kwairanga, is set to initiate the Initial Public Offering (IPO) for Dangote Refinery, offering three billion ordinary shares at ₦0.35 per share. Investor demand has already exceeded ₦2 billion, with subscriptions requiring a minimum purchase of one million shares.

The shares will be subject to a 365-day lock period. The proceeds from the IPO will be utilized for general corporate purposes and to enhance the refinery's operational capacity.

During a recent visit to the Abu Dhabi Stock Exchange (ADX) in the United Arab Emirates, Dr. Kwairanga discussed collaboration efforts and expressed optimism about the refinery's potential as one of the largest in the world. The NGX is also involved in the African Exchanges Linkage Project, aiming to connect stock exchanges across several African countries to broaden capital markets and facilitate intra-African trade.