The Nigerian Exchange Group (NGX Group) has announced the successful closure of the Dangote Refinery initial public offering (IPO), describing the exercise as a landmark achievement for Nigeria’s capital market and a significant step towards expanding African ownership of major businesses.
The NGX Group Chairman, Alhaji (Dr.) Umaru Kwairanga, announced the closure on Tuesday, October 27, 2026, in a message celebrating the contributions of the Group’s management and staff to the offering, which commenced on September 14.
Kwairanga disclosed that investors from 120 countries, including all 54 African countries, participated in the offering, highlighting its international reach and potential to broaden participation in the Nigerian capital market.
He described the offering as a people’s IPO, noting that every application represented an opportunity to expand investment participation, promote wealth creation and deepen the country’s stock market.
According to him, the successful completion of the six-week exercise reflected the dedication, resilience and commitment of the NGX Group workforce and its subsidiaries.
The NGX chairman expressed appreciation to members of the Group’s Board of Directors, management and staff for their contributions to the process, with particular commendation for the Group Chief Executive Officer, Temi Popoola.
He said the achievement demonstrated the collective effort required to deliver a major capital market transaction with significant implications for Nigeria and the wider African investment community.
“Today is a day of celebration for our NGX in particular and the Nigerian capital market in general,” Kwairanga said.
He urged the Group’s employees to take pride in their contributions, describing the IPO as more than a corporate transaction and a milestone capable of inspiring future generations.
Kwairanga added that the offering had created an opportunity to advance broader African ownership of major businesses while strengthening the role of the capital market in wealth creation.
He congratulated the NGX Group team for what he described as a historic achievement, commending their efforts in making the exercise a success.
The closure of the Dangote Refinery IPO marks a significant development in Nigeria’s capital market, with the participation of investors across multiple countries underscoring the potential of public offerings to attract wider investment interest.
The NGX Group has not disclosed in the statement the total number of applications received, the amount raised or the number of shares subscribed.
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