NGX Chairman Courts Middle East Investors Ahead of Dangote Refinery IPO in Nigeria’s Capital Market Push

The Group Chairman of the Nigerian Exchange Group (NGX Group), Umaru Kwairanga, is intensifying efforts to attract Middle East investors into Nigeria’s capital market, positioning the country as a growing hub for international capital flows. His appeal comes as Nigeria prepares for one of its most anticipated listings in recent years—the Dangote Refinery IPO.

Kwairanga made the call during a strategic visit to the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates, where he held discussions with senior executives on investment partnerships, market development, and opportunities for deeper financial cooperation between both regions.

A major highlight of his engagement was the upcoming Dangote Refinery IPO, expected in September 2026. He described the refinery as a “continental project” and expressed optimism that investors from the Middle East would actively participate, especially as the listing is expected to attract global attention and possibly include a dual listing in major financial centres.

According to recent market projections, the IPO could involve about 3 billion shares priced at $0.35 each, with strong early investor interest already reported. Kwairanga noted that Nigeria’s improving market performance—reflected in rising market capitalization and a strengthened All-Share Index—has helped rebuild foreign investor confidence in the country’s financial ecosystem.

Beyond the refinery listing, the NGX Chairman emphasized broader collaboration between Nigeria and Abu Dhabi, including knowledge sharing and regional exchange linkages across Africa. He also praised the UAE’s stable investment climate and highlighted Nigeria’s ongoing reforms under President Bola Tinubu as key drivers of renewed global investor interest.

source: nairametrics