By Adegboyega Adeleye
Former Anambra State governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has urged Nigerians to invest in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Obi made the call in a post on his official X handle on Wednesday, while expressing his support for the investment and commending Aliko Dangote for the refinery project.
He said many Nigerians at home and in the diaspora had sought his opinion on whether they should invest in the IPO.
“In the course of my engagements with Nigerians at home and in the diaspora, many of them have sought my opinion on investing in the ongoing Dangote Petroleum Refinery Initial Public Offering,” Obi said.
“While encouraging them to buy, I must say that I remain very proud of the commitment and breakthrough of Alhaji Aliko Dangote’s investment in the real sector of our country’s economy, across different sectors.
“This validates my position that we should move Nigeria from consumption to production.”
The Dangote Refinery IPO opened on September 14, offering 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer, which is expected to raise about N2.15 trillion if fully subscribed, is scheduled to close on October 13, 2026.
Dangote has described the offering as an “IPO for the people”, with the initiative aimed at widening ownership of the refinery among Nigerians and other eligible investors. The company is also targeting millions of shareholders through the public offer.
Obi, who has consistently advocated a shift from consumption to production in Nigeria’s economy, called on other Nigerian businesses to follow Dangote’s example by investing in productive sectors.
“I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialization of the country by offering their shares to the public through public offerings,” he said.
The former governor’s comments come as the Dangote Refinery IPO continues to attract attention from retail investors following its opening on the Nigerian Exchange.
The Securities and Exchange Commission has advised prospective investors to use only officially designated and approved channels for applications and payments relating to the offer and to carefully read the approved prospectus before investing.
The official IPO information states that investing in the shares carries risk, with the value of shares capable of rising or falling after listing and dividends not guaranteed.
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