Dangote Refinery’s ‘People’s IPO’ Reaches 120 Countries, Including Every African Nation
By OBI DAVIES
INVESTORS from 120 countries, including every African nation, participated in the Dangote Refinery Initial Public Offering (IPO), according to the Nigerian Exchange Group (NGX Group).
The group’s chairman, Alhaji Umaru Kwairanga, announced the figures on Wednesday after the offer closed on Tuesday 27 October.
Kwairanga described the response as a major achievement for Nigeria and the wider African continent. He said the offer had advanced efforts to widen African ownership, create wealth and strengthen the Nigerian capital market.
The six-week exercise began on 14 September. Throughout the process, NGX Group’s board, management and staff worked to deliver the offer, prompting the chairman to commend their commitment and resilience.
He also praised Group Chief Executive Officer Temi Popoola and other employees across the group and its subsidiaries for their contributions.
According to Kwairanga, each application represented a new investor reached and another opportunity to expand access to the capital market. Moreover, the participation of investors from all 54 African countries gave the offer a wider continental significance.
He described the initiative as more than a share sale, calling it a landmark moment for Nigeria and Africa. He added that the achievement could encourage future generations to participate more actively in investment and wealth creation.
Kwairanga further congratulated the NGX Group team, saying its efforts had brought pride to the organisation, Nigeria and Africa.
The offer officially closed on Tuesday after opening on 14 September, completing the six-week IPO process.
