NGX Group Positions Dangote Refinery IPO as Pan-African Investment Opportunity
By Aboki Forex —
The Nigerian Exchange Group (NGX Group) has announced that the highly anticipated Initial Public Offering (IPO) of Dangote Refinery and Petrochemicals is being structured as a continent-wide investment opportunity, not just a Nigerian one.
NGX Group Chairman Umaru Kwairanga disclosed this at the London Africa Summit on Friday. He said the exchange has engaged stock exchanges across Africa to broaden participation in the planned offer and deepen regional capital market integration.
“We want to consider the Dangote Refinery offer as an African offer and not a Nigerian offer,” Kwairanga said in a statement on Saturday. “That is why we invited stock exchanges from across the continent to Lagos and took them to the refinery to see what has been built.”
Representatives from Kenya, Ghana, South Africa and other African countries visited the refinery to assess its operations and investment potential. According to Kwairanga, investors are no longer interested in stories. They want evidence, prospects and projections.
“Investors are not looking for stories. Investors are looking for evidence, prospects and projections, and that is what we are bringing from Africa,” he said.
Kwairanga described Africa as one of the world’s most attractive investment destinations, citing its youthful population and expanding economic opportunities. He noted that the Nigerian equities market delivered returns of more than 50 per cent in the first five months of the year.
“There are a lot of opportunities. With technology, investors can participate from anywhere in the world, including from the comfort of their homes,” he said.
Kwairanga also highlighted the longstanding partnership between the Nigerian and London capital markets. He said the relationship with the London Stock Exchange has been instrumental in attracting global capital to Nigeria.
NGX has invested heavily in technology and market infrastructure to support efficient capital raising. More than N4 trillion raised through recent bank recapitalisation exercises was facilitated by the exchange’s technology platforms.
Kwairanga said NGX has undertaken international roadshows across the United States, Brazil, China and the United Kingdom. These engagements aim to showcase investment opportunities and strengthen investor confidence in Nigeria.
Recent reforms, including a migration to a T+1 settlement cycle and extended trading hours, align the market with global best practices.
“We are bringing opportunities, growth and scale from Africa, while London is bringing global capital, international experience and investment depth. When these are combined, they create the confidence investors need to commit capital to the continent,” Kwairanga said.
He expressed optimism that stronger collaboration between African exchanges and international financial centres will increase capital inflows, support economic growth and deepen capital market development across the continent.