The Nigerian Exchange Group (NGX Group) says the Dangote Refinery’s Initial Public Offering has attracted investors from 120 countries, including all 54 African countries.

Umaru Kwairanga, the chairman of NGX Group, disclosed this in a statement on Wednesday, following the IPO’s closure on Tuesday.

Mr Kwairanga described the offer as a historic milestone for Nigeria and Africa. According to him, it advanced broader African ownership, wealth creation and the deepening of the Nigerian capital market.

He said the successful completion of the offer resulted from the dedication, resilience, and commitment of NGX Group’s board, management, and staff over the six weeks.

The chairman thanked the group’s CEO, Temi Popoola, and other members of the NGX Group and its subsidiaries for their support and contributions to the exercise. According to him, every application received represents an investor reached and another step toward expanding participation in the capital market.

“We have successfully closed an extraordinary journey that began on 14 September! From the streets of Nigeria to investors who applied for the shares across the 120 countries in the world, including all 54 African countries, your energy, dedication and relentless efforts have helped deliver a truly historic People’s IPO,” he said.


Mr Kwairanga said the achievement went beyond an IPO, describing it as a landmark moment for Nigeria and Africa that would inspire future generations. He commended the NGX Group team for making the organisation, Nigeria and Africa proud.

The Dangote Refinery’s IPO opened on September 14, marking the commencement of a six-week process that culminated in its closure on Tuesday.

(NAN)