Obi backs offer, urges Nigerians to invest

The Federal Government has said the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE could add about $60 billion to the total equity market capitalisation of the Nigerian Exchange (NGX) if fully subscribed.

Throwing his weight behind the offering, the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, encouraged Nigerians to invest.

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, yesterday described the proposed offering as a major milestone for Nigeria’s investment climate, industrial development and capital market.

She said the transaction, if fully subscribed and subsequently listed, would significantly expand the size of Nigeria’s listed equity market while attracting new investors.

The minister said it would also broaden the range of companies listed on the NGX and demonstrate the capacity of Nigeria’s capital market to support large-scale enterprises.

“This is not simply a capital-market story; it is an industrialisation story,” Oduwole said.

According to her, the development demonstrated how regulatory reforms could unlock capital for productive investment and provide Nigerians with opportunities to participate in the country’s industrial growth.

“Less than three years ago, access by Free Zone Entities (FZEs) to Nigeria’s capital market was a live regulatory constraint being raised directly by investors. Today, an FZE operating from Nigeria has launched Africa’s largest-ever IPO.

“This is translating into investment, and it is precisely the kind of reform-to-investment conversion we want to institutionalise,” she said.

The minister also commended Aliko Dangote and the Dangote Group for sustained investment in Nigeria.

Describing the refinery as one of Africa’s largest private industrial investments, she said its operations were important to efforts to expand domestic refining capacity, reduce import dependence and strengthen Nigeria’s position in regional and global energy markets.

OBI, in a statement posted on his X handle yesterday, said he had been asked by Nigerians at home and in the Diaspora to give his opinion on the N2.15 trillion IPO.

“In the course of my engagements with Nigerians at home and in the Diaspora, many of them have sought my opinion on investing in the ongoing Dangote Petroleum Refinery Initial Public Offering,” Obi said. “While encouraging them to buy,

I must say that I remain very proud of the commitment and breakthrough of Dangote’s investment in the real sector of our country’s economy, across different sectors. This validates my position that we should move Nigeria from consumption to production.”

The former governor of Anambra State, who prides himself as a “trader”, also urged Nigerian businesses to invest in productive sectors and allow citizens to participate in the ownership of companies through public offerings.

“I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and allow fellow Nigerian citizens to be part of the re-industrialisation of the country by offering their shares to the public through public offerings,” he added.

The Dangote Refinery IPO, which opened on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.  The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.