NGX CEO Temi Popoola Sees Dangote Refinery Share Sale Spurring New Listings

Nigeria’s stock exchange is in talks with several companies about listing and expects some from next year. The Nigerian Exchange Group Plc believes Dangote Petroleum Refinery and Petrochemicals FZE’s record share sale is spurring interest in the bourse as a capital-raising venue.

Popoola on the listing pipeline

Nigerian Exchange Group Plc Chief Executive Officer Temi Popoola said the private discussions give him confidence. “With the private discussions that we are having, I will say that there is every reason to be optimistic that we will at least see some good listings,” Popoola said in an interview.

Dangote sale changes the narrative

Popoola tied the renewed interest to the Dangote Petroleum Refinery and Petrochemicals FZE share sale. He said the transaction has helped answer a question that had held back some issuers. “Before now, people would ask, ‘Is there ability to raise capital in Nigeria?’ Now, here is a $50 billion market-cap company that’s just about to change the narrative.”