Kayode Tokede
The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have welcomed the initial public offering of Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise.
The described the offering as a significant development for Nigeria’s capital market and an opportunity for Nigerians to participate in the ownership of a strategically important national enterprise.
The offer is scheduled to open today at N525 per share, with a minimum subscription of 10 shares. CIS and ASHON encouraged retail and institutional investors, particularly those with a long-term outlook, to consider participating through the approved channels.
The two bodies noted that the refinery’s integrated refining and petrochemicals model, its scale and its role in domestic energy supply give the business strategic relevance to Nigeria.
They added that the enterprise has the potential to support import substitution, foreign- exchange earnings, industrial development and greater economic participation through the capital market.
CIS and ASHON also clarified that all stockbroking firms licenced by the Securities and Exchange Commission (SEC) are accredited receiving agents for the offer.
President of CIS, Dr Fiona Ahimie, said: “The proposed listing is a welcome development for Nigeria and for our capital market. The refinery combines a strong integrated business model with the scale and strategic importance required to contribute meaningfully to the country’s energy security and industrial growth.”
Chairman of ASHON, Sehinde Adenagbe, said: “Bringing an enterprise of this scale to the public market broadens participation, supports wealth creation and adds depth to Nigeria’s investment landscape. The stockbroking community welcomes the offer and is ready to support a seamless process so that investors across the country can take part.”