Nigerians can invest in Dangote Petroleum Refinery and Petrochemicals with a minimum subscription of N5,250 under an initial public offering launched recently. The company is offering 4.1 billion ordinary shares at N525 each. The offer, valued at about N2.15 trillion if fully subscribed, opened September 14 and is scheduled to close October 13.
FCMB Group Chief Executive, Ladi Balogun, said the offer gives Nigerians access to a world-scale business while demonstrating the growing reach of the country’s capital market.
“It presents an opportunity for every Nigerian to experience the benefits of investing in world-class and world-scale businesses that would otherwise be inaccessible,”Balogun said at the opening gong ceremony and Facts Behind the Offer presentation at the Nigerian Exchange in Lagos.
Balogun said Nigeria’s capital market was deepening as it attracted retail, high-net-worth, institutional and international investors through a widening range of channels.
“Retail investors are buying shares on their mobile phones through fintechs, banks and brokers,” he said. “High-net-worth individuals and institutional investors such as pension funds are bringing depth to the market, while international investors are bringing scale.” He said the breadth of participation demonstrated the market’s capacity to help credible Nigerian companies raise capital at scale. Balogun also described the refinery as largely insulated from the macroeconomic and currency risks associated with the Nigerian economy.
“The number of such companies on our Exchange is growing,” he said. “This indicates the potential and direction of the Nigerian economy.”