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The Nigerian Exchange Group (NGX Group) has invited East African institutional investors to participate in the planned initial public offering (IPO) of the Dangote refinery, describing the transaction as an opportunity to deepen investment linkages across Africa.
NGX Group Chairman Dr Umaru Kwairanga made the call during a meeting with institutional investors from Kenya and other East African countries in Nairobi.
The meeting focused on raising awareness of the Dangote Refinery IPO and encouraging participation from investors outside Nigeria.
Kwairanga said the refinery’s share offering provides an opportunity for African investors to participate in one of Nigeria’s key private sector industrial ventures.
He explained that stronger investment links between African markets could help mobilize capital for businesses and infrastructure projects across the continent.
According to him, the participation of institutional investors would not only create investment opportunities but also support broader economic development.
“Today’s commitment highlights two important areas of capital markets: cross-border investment and broader market access,” he said.
The NGX President described Nigeria and Kenya as two of Africa’s leading economies with developed financial sectors and established investment communities.
Both countries, he said, could benefit from stronger cooperation through: investment flows, infrastructure financing, market partnerships, knowledge sharing.
Kwairanga said the future growth of Africa’s capital markets will depend on how effectively financial exchanges connect investors and businesses across national borders.
The NGX president noted that improvements in technology and market infrastructure are making it easier for investors to participate in public offerings.
He said the exchange is working to create a market environment that is accessible, efficient, transparent and connected to global investors.
According to him, the Dangote Refinery IPO represents more than a single transaction.
He described it as part of a broader effort to encourage Africans to invest in African businesses.
Kwairanga commended Alhaji Aliko Dangote and the Dangote Group for their contribution to the industrial development of Nigeria.
He said the decision to utilize the Nigerian capital market for broader ownership participation was an important step for Nigeria’s industrial sector.
The NGX Chairman encouraged investors to carefully study the opportunity, seek clarification and engage directly with representatives of: Dangote Industries, Nigerian capital market institutions.
The Dangote oil refinery, located in Lagos, represents one of Africa’s largest industrial investments.
The refinery was developed to increase Nigeria’s domestic refining capacity and reduce dependence on imported petroleum products.
The planned IPO would allow investors to acquire an equity stake in the company while providing additional capital market participation opportunities.
Large-scale listings can play several roles in the development of financial markets:
Expanding investor participation
A large industrial company entering the stock market can attract local and international investors.
Mobilize internal capital
Companies can use public markets to raise funds and expand operations.
Increase market depth
Large listings can improve the liquidity and visibility of a country’s stock exchange.
African financial markets have increasingly focused on improving cooperation between exchanges.
Greater connectivity between markets such as: Nigeria, Kenya, South Africa, Egypt;
could encourage more cross-border investment.
However, analysts note that challenges remain, including: currency differences, regulatory differences, barriers to investor access, different market structures.
