Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has commended the leadership of the Nigerian Exchange Group (NGX Group) for transforming Nigeria’s capital market and positioning the exchange as a more globally competitive trading hub. Dangote made the remarks during a recent visit to the Exchange in Lagos, where he reflected on his time as a former President of the Exchange and the efforts to build a stronger Nigerian capital market.
Dangote credited NGX Group Chairman, Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, with advancing the transformation of the market. According to him, the progress achieved by the Exchange has exceeded his expectations, noting that he did not anticipate seeing the Nigerian Exchange at its current level in 2026. His comments highlight the changes taking place within Nigeria’s capital market as technology and broader investor participation continue to reshape market access.
A major example of this transformation is the ongoing Dangote Refinery Initial Public Offering, which opened on the NGX on September 14, 2026. The offer comprises 4.1 billion ordinary shares priced at N525 each, with investors able to subscribe for a minimum of 10 shares valued at N5,250. If fully subscribed, the IPO is expected to raise about N2.15tn, with the offer scheduled to close on October 13, 2026.
Speaking on the significance of the transaction, Popoola said the IPO demonstrates the growing ability of Nigeria’s financial ecosystem to connect major businesses with a wider base of domestic investors. He disclosed that NGX Group had invested the past three years in developing digital infrastructure aimed at making participation in the capital market more accessible, including the NGX Invest platform, which integrates more than 100 distribution channels across stockbroking firms, banks, fintech companies and other financial intermediaries.
Popoola added that NGX Group would continue strengthening the infrastructure supporting Nigeria’s capital market, with the goal of facilitating more large-scale equity raises in Nigeria and across Africa. The Dangote Refinery IPO therefore comes at a time when the NGX is expanding digital access and seeking to broaden participation, while the transaction provides a prominent test of the market’s capacity to handle a major public equity offer.
source: Punch