Nigeria’s capital market is facing a major test as the planned initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals targets 10 million retail investors, well above the country’s existing base of fewer than six million active investors.
Umaru Kwairanga, chairman of Nigerian Exchange Group (NGX Group), said meeting the target could significantly expand retail participation and strengthen Nigeria’s capital market.
Speaking at the 2026 Investment Banking Awards organised by the Association of Issuing Houses of Nigeria (AIHN), Kwairanga said the market had the potential to play a greater role in supporting the country’s ambition to build a $1 trillion economy.
He also called for more large companies, including government-linked businesses, to list on the Nigerian Exchange. He identified companies in the gas and power sectors as potential additions that could deepen the market and create more investment opportunities.
Kwairanga further said the Federal Government had directed the Central Bank of Nigeria to encourage companies pursuing foreign listings to consider listing locally as well. The move is expected to help strengthen the domestic capital market.
The Dangote Refinery IPO is targeting 10 million retail investors, more than twice the 4.5 million retail subscribers recorded during Saudi Aramco’s 2019 public offering, according to reports on the refinery’s plans.
The offer opened on September 14, 2026, with 4.1 billion shares priced at ₦525 each. Investors can apply for a minimum of 10 shares, worth ₦5,250, while the offer aims to raise approximately ₦2.15 trillion.
The scale of the offer presents an opportunity to bring more Nigerians into the stock market, but reaching the target will require attracting millions of new investors and making participation more accessible.
Investment Banking Firms Recognised
The awards also recognised several investment banking firms for their contributions to Nigeria’s capital market.
Chapel Hill Denham was named Investment Bank of the Year and received awards for its work in debt capital markets and public-sector bond transactions.
Stanbic IBTC won awards for commercial paper, corporate bonds and equity transactions, while Vetiva Advisory Services received recognition for financial advisory services, mergers and acquisitions, and innovative issuance.
Zenith Bank recorded the largest equity issuance recognised at the awards, valued at ₦350.4 billion. The transaction was led by Stanbic IBTC, alongside other financial advisers.
United Capital was named Most Prolific House of the Year, while Iron Capital Markets received the Prodigy Firm of the Year award.
Kemi Awodein, president of AIHN and managing director of Chapel Hill Denham Advisory, said the association would continue promoting professionalism, digitalisation and collaboration within the industry.
Victor Ndukauba, deputy managing director of Afrinvest, also highlighted the importance of technology in expanding investor participation over the next decade.
As Nigeria seeks to attract more retail investors and encourage additional company listings, the Dangote Refinery IPO could become a significant test of the market’s ability to mobilise domestic savings and broaden public ownership of major businesses.
