By Newsshelve Correspondent.
The Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, has said the Dangote Petroleum Refinery IPO is a major signal of the growing capacity and ambition of Nigeria’s capital market.
Kwairanga spoke during a television interview on the Dangote Refinery IPO at the Fintech Money 20/20 Middle East, held at the Riyadh International Conference Centre, Saudi Arabia, on Wednesday, September 16, 2026.
He said the significance of the offer goes beyond its size, noting that it demonstrates the ability of large businesses to use the public market to raise long-term capital, broaden ownership and provide institutional and retail investors with access to growth opportunities.
According to him, the listing could also encourage other major Nigerian and African companies to consider the capital market as a credible source of growth financing.
He noted that recent improvements in Nigeria’s market infrastructure, including the transition to T+1 settlement, extended trading hours and Nigeria’s return to the FTSE Russell Frontier Market universe from September 21, further strengthen the market’s attractiveness to global investors.
On retail participation, the NGX Group chairman said the Exchange was working to make major public offers more accessible to everyday Nigerians through NGX Invest and its wider distribution network.
He said investors can access public offers through stockbrokers, banks and approved digital platforms, adding that the objective is to broaden ownership of Nigerian businesses and increase participation by younger and first-time investors.
Kwairanga also identified Gulf investors as an important source of long-term capital for Nigeria, particularly in financial services, telecommunications, energy, infrastructure and industrial development.
He said attracting more Gulf capital would require improved market accessibility, liquidity, regulatory certainty and efficient movement of capital.
The NGX chairman called for stronger connections between Nigeria and Gulf markets, including deeper relationships with sovereign wealth funds, asset managers and family offices, as well as greater visibility for Nigerian companies.
He said NGX Group was positioned to support the development of a stronger Nigeria-Gulf investment corridor through market infrastructure, partnerships and international connectivity.
On the growing number of Nigerians investing through mobile phones, Kwairanga stressed the importance of investor protection alongside digital access.
He said NGX Regulation provides independent oversight, market surveillance, enforcement and mechanisms for handling investor complaints, while transparency and investor education remain essential.
“Access and protection have to grow together,” he said, stressing that technology can expand participation but investor confidence and trust are critical to sustaining the capital market.
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