The Dangote Refinery IPO has officially opened for subscription, with stockbrokers expressing confidence that the N2.2 trillion offer will be fully subscribed.
The development was announced during the ongoing “Facts Behind the Offer” presentation and opening gong ceremony, where market operators welcomed the offer as an opportunity to deepen Nigeria’s capital market.
Olatunde Amolegbe, Arthur Stevens Asset Management and past President of the Chartered Institute of Stockbrokers, said investors could benefit from using licensed stockbrokers to participate in the offer.
He explained that stockbrokers could assist Nigerians with opening Central Securities Clearing System accounts and provide support when investors encounter issues with their shares.
According to him, investors seeking to buy or sell shares can also rely on stockbrokers to execute transactions and provide professional advice.
Amolegbe added that many stockbroking firms operate electronic platforms that allow investors to trade from their homes or offices.
He said stockbrokers could also help investors manage their portfolios with the aim of improving returns while controlling risks.
Sam Ndata, Doyen of Stockbrokers, expressed confidence that the Dangote Refinery IPO would be oversubscribed.
He attributed the optimism partly to the impact of Aliko Dangote’s activities on Nigeria’s capital market.
“We are encouraged by what Alhaji Aliko Dangote has been doing to the market. The stockbrokers remain committed to ensuring that the offer is fully subscribed,” Ndata said.
The Chartered Institute of Stockbrokers, CIS, and the Association of Securities Dealing Houses of Nigeria, ASHON, also endorsed the offer.
The two organisations described the IPO as an important development for Nigeria’s capital market and an opportunity for Nigerians to participate in the ownership of a strategically important indigenous enterprise.
The offer is priced at N525 per share, with investors required to subscribe for a minimum of 10 shares.
CIS and ASHON encouraged retail and institutional investors, particularly those with long-term investment goals, to consider participating through approved channels.
They said the refinery’s integrated refining and petrochemicals operations, scale and role in domestic energy supply give it strategic importance to Nigeria’s economy.
According to the organisations, the business could contribute to import substitution, foreign-exchange earnings, industrial development and broader economic participation.
CIS and ASHON clarified that all stockbroking firms licensed by the Securities and Exchange Commission are accredited receiving agents for the offer.
Investors can therefore submit applications through stockbrokers of their choice and obtain professional guidance during the process.
CIS President Dr Fiona Ahimie described the proposed listing as a positive development for both Nigeria and its capital market.
She said the refinery’s business model and strategic importance could contribute to energy security and industrial growth while giving Nigerians an opportunity to participate in its ownership.
ASHON Chairman Sehinde Adenagbe also said bringing an enterprise of the refinery’s scale to the public market would broaden participation and support wealth creation.
The two organisations urged prospective investors to study the approved offer documents and invest according to their financial circumstances and long-term objectives.
They said broad participation in the Dangote Refinery IPO could strengthen Nigeria’s investment culture and reinforce the capital market’s role in financing businesses of national importance.
