Business

Dangote Launches N2.15tn IPO, Targets 10 Million Retail Investors

Published

3 weeks ago

September 8, 2026

Dangote Petroleum Refinery and Petrochemicals has launched a N2.15 trillion Initial Public Offer (IPO), targeting about 10 million retail investors, offering Nigerians and other Africans the opportunity to acquire shares in its 700,000-barrel-per-day refinery.

The offer, is made up of 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250.

Chief Executive of the company, Alhaji Aliko Dangote, who spoke at the launch yesterday, said the offer was designed to raise additional capital for the refinery’s expansion while broadening public ownership of the business.

“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.

He disclosed that the company plans to double the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day, saying the expansion would increase production and strengthen the facility’s capacity to serve both domestic and international markets.

“The offer represents the refinery’s first public offer since its inauguration in 2023 and is the biggest IPO in Africa.”

He noted that the transaction would provide millions of Nigerians and other Africans with an opportunity to participate in the growth of the refinery.
While the Group Managing Director of Vetiva Capital Management Ltd., Mr Chuka Eseka, said the transaction had been structured to promote transparency, accountability and broad participation.

He explained that retail investors would be able to subscribe electronically through bank applications, internet platforms and stockbrokers, while institutional investors could subscribe electronically or through application forms submitted to receiving agents.

IPO Targets 10m Retail Investors
The Managing Director of FirstCap, Mr Ukandu Ukandu, disclosed that the offer is targeting about 10 million retail investors.

He said the target would significantly surpass the current Nigerian capital market record of about 181,000 retail participants in a single transaction.

Ukandu said the broad retail participation being targeted reflected the company’s desire to make ownership of the refinery accessible to ordinary Nigerians.

The Chief Executive Officer of Dangote Petroleum and Petrochemicals, Mr David Bird, said the refinery’s strategic location within the Lekki Free Zone positioned it to serve Nigeria, West Africa and the wider international market.
“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.

Also speaking, the Chief Executive Officer of Stanbic IBTC Capital, Oladele Sotubo, said the offer had been structured to enable ordinary Nigerians to acquire shares in the refinery.
SEC Approves Offer

The IPO, which has received approval from the Securities and Exchange Commission (SEC), is expected to open on September 14 and close on October 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.

Vetiva Advisory Services Ltd. is the Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap are Joint Managers.

The company plans to list the shares on the Main Board of the Nigerian Exchange Group.
Under the offer’s incentive structure, eligible retail investors may receive up to two additional shares, subject to applicable conditions.

The IPO represents a major development in Nigeria’s capital market and could significantly broaden retail participation while providing Dangote Refinery with additional capital to support its planned expansion.

The post Dangote Launches N2.15tn IPO, Targets 10 Million Retail Investors appeared first on Business Today NG.

Related Topics:Dangote investors IPO launches million N2.15tn retail targets

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Business

Tinubu to prioritise jobs, industrial growth in Nigeria’s new prosperity era

Published

4 hours ago

October 1, 2026

PlateauReports

President Bola Tinubu has said his administration will place jobs, enterprise and industrial growth at the centre of Nigeria’s next phase of economic policy.

The government also said it is moving from economic reforms to what he described as an “age of prosperity.”

Mr Tinubu stated these priorities in his Independence Day address to the nation on Thursday, saying Nigeria must convert its large young population into an engine of production rather than a source of economic hardship.

“But prosperity requires more than cheaper goods. It requires productive work. Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition.

“Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair,” the president said.

The president’s statement followed economic reforms introduced by the Tinubu-led administration since 2023, which include the removal of the petrol subsidy, exchange-rate reforms, tighter monetary and fiscal measures, and changes aimed at improving government revenue and investment.

Support for businesses

Mr Tinubu said the government would support businesses, revive industries, expand digital connectivity, and invest in skills employers need.

He said the government would use Nigeria’s gas resources to power new industries and support businesses working to revive factories in the country’s industrial centres.

“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.

“We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres,” Mr Tinubu said.

Digital investment

The president also promised greater digital connectivity and investment in skills, infrastructure and finance to support Nigerian businesses.

“We will expand digital connectivity into communities that have waited too long to participate in the modern economy.

We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow,” he said.

Mr Tinubu said his administration wanted to see more goods produced locally and more Nigerian companies competing in international markets.

“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home,” he said.

Access to credit

The president also highlighted access to credit as part of the government’s strategy to expand economic participation.

He said the Credit Corporation, CREDICORP, was providing consumer credit that would enable Nigerians to acquire vehicles, solar systems, digital devices and other essential assets without having to save for years before making such purchases.

“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings,” Mr Tinubu said.

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He said the government would also continue to support businesses through infrastructure and finance, suggesting that access to capital would be an important component of the administration’s new prosperity agenda.

Private-sector expansion

The president linked private-sector expansion to job creation and increased domestic production, saying the government’s responsibility was to create conditions for Nigerian businesses to expand.

Mr Tinubu said millions of Nigerians still struggled to meet basic needs and acknowledged that the challenges predated his administration.

“Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work,” he said.

He attributed the difficulties to decades of low productivity, inadequate infrastructure, insufficient opportunity and weak institutions, while promising continued support for vulnerable households.

The president said the government’s long-term objective was not simply to expand social assistance but to build an economy capable of creating productive opportunities and lifting people out of poverty.

“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country,” he said.

Mr Tinubu said Nigeria had now laid the foundation for lasting prosperity and called on Nigerians and businesses to participate in the next phase of economic development.

“The age of reform has done its work. Now begins the age of prosperity,” he said.

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Business

NANS Endorses Insurance Industry Reforms, Condemns moves to Derail Recapitalisation

Published

12 hours ago

October 1, 2026

PlateauReports

BY NKECHI NAECHE-ESEZOBOR—The National Association of Nigerian Students (NANS), on Wednesday declared its support for National Insurance Commission, (NAICOM), and the ongoing transformation of Nigeria’s insurance industry, while condemning what it described as attempts to derail the sector’s recapitalisation exercise.

According to statement signed by its President, Comrade Akinteye Babatunde Afeez, said the association said it stands with the Commission and the reforms introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The statement reads as follows:

The National Association of Nigerian Students (NANS) National Secretariat, the umbrella body representing over 40.1 Million Nigerian Students across universities, polytechnics, and colleges of education, hereby issues this statement in support of the transformative reforms currently reshaping Nigeria’s insurance industry.
NANS recognizes the strategic importance of a strong, modern, and resilient insurance sector to national economic development and commends the leadership of the Federal Government under President Bola Ahmed Tinubu GCFR, for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration.
We equally commend the leadership of NAICOM under the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board chaired by Hajia Halima Kyari, for their commitment to implementing far-reaching reforms that are restoring confidence, improving consumer protection, strengthening industry capacity, and promoting greater public trust in the insurance sector.

Today, we speak not merely as students but as stakeholders in Nigeria’s future. We cannot remain silent while certain unpatriotic elements seek to undermine reforms that hold significant promise for economic transformation, youth empowerment, consumer protection, and national development.

NANS joins all well-meaning Nigerians in celebrating President Bola Ahmed Tinubu GCFR’s historic assent to the Nigerian Insurance Industry Reform Act (NIIRA) on 31 July 2025, a historic legislation that modernized Nigeria’s insurance regulatory framework and replaced obsolete legal provisions with a comprehensive regime suited for a modern economy.
The NIIRA 2025 represents one of the most significant legislative interventions in Nigeria’s financial services sector in recent history.

For Nigerian students, the law opens new opportunities for financial inclusion, entrepreneurship, employment, and career development within a sector that has historically been underutilized despite its enormous economic potential.
NANS therefore fully endorses the objectives and implementation of the NIIRA 2025 and commends Mr. President for providing the legal foundation upon which the ongoing transformation of the insurance sector is being built.

*SUPPORT FOR THE RECAPITALISATION OF THE INSURANCE INDUSTRY*

One of the most important reforms emanating from NIIRA 2025 is the recapitalisation of the insurance industry.
For decades, insufficient capitalization limited the capacity of many insurance operators to meet growing market demands and support large-scale economic activities. The recapitalisation exercise was therefore not merely a regulatory requirement but a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims.

NANS strongly supports the successful implementation of the recapitalisation exercise by NAICOM and commends the insurance companies that complied with the new capital requirements in furtherance of industry stability and growth.

No modern economy can thrive without a vibrant insurance industry capable of protecting investments, facilitating business continuity, absorbing risks, supporting infrastructure development, and promoting financial confidence across all sectors.
The recapitalisation exercise is therefore a critical pillar of Nigeria’s journey toward becoming a trillion-dollar economy and deserves the support of all patriotic Nigerians.

*COMMENDATION FOR NAICOM’S INVESTMENT IN TERTIARY EDUCATION*

NANS expresses profound appreciation to NAICOM for its longstanding support for tertiary education through the Insurance Education Fund and related interventions.
Over the years, these initiatives have contributed to the development of critical infrastructure in universities, polytechnics, and colleges of education, including ICT centres, laboratories, and academic facilities that directly benefit Nigerian students.
Such investments reflect NAICOM’s broader commitment to human capital development and the future of the nation’s youth.

As beneficiaries of these interventions, Nigerian students recognize and appreciate the positive impact these investments continue to make across institutions of higher learning nationwide.

*CONDEMNATION OF ATTEMPTS TO UNDERMINE INSURANCE SECTOR REFORMS*

It is deeply concerning that at a time when the Nigerian insurance industry is recording unprecedented reforms and achievements, certain individuals and groups have embarked on campaigns aimed at discrediting the regulator, undermining the recapitalisation exercise that have attracted widespread commendation from all stakeholders.

NANS views these actions as deliberate attempts to derail the progress being made within the sector and ultimately frustrate the reform agenda of President Bola Ahmed Tinubu.
We are particularly disturbed by calls for the removal of the leadership of NAICOM despite the significant progress achieved in strengthening regulation, enhancing consumer protection, improving market confidence, and implementing critical reforms that have long been demanded by stakeholders.
Such calls are neither constructive nor patriotic.

NANS therefore urges Nigerians to be vigilant and reject misinformation, sensational allegations, and campaigns intended to undermine institutions that are working in the national interest.
As a responsible, proactive and principles organization, NANS has independently reviewed publicly available information concerning NAICOM’s operations, reforms, and achievements.

Based on our findings, we have found no credible basis for the allegations being promoted by such groups.
On the contrary, available evidence points to a regulator implementing statutory reforms in accordance with its mandate.
We therefore reject any attempt to recruit Nigerian students into campaigns of calumny, misinformation or institutional sabotage.

Let it be known that Nigerian students are not instruments for advancing narrow interests against national development. We stand firmly on the side of truth, transparency, reform, and progress.

*COMMENDATION FOR IMPROVED CLAIMS SETTLEMENT AND CONSUMER PROTECTION*

NANS commends NAICOM’s firm stance on prompt claims settlement and its “zero-tolerance approach toward the non-payment of genuine claims.”
The Commission’s consistent emphasis on consumer protection has contributed significantly to rebuilding confidence in the industry and improving public perception of insurance as a reliable financial safeguard.

*THE INSURANCE POLICYHOLDERS PROTECTION FUND: A GAME-CHANGING INITIATIVE*

NANS applauds the establishment of the Insurance Policyholders Protection Fund (IPPF), one of the landmark innovations introduced under the NIIRA 2025.
This initiative demonstrates a clear commitment to ensuring that ordinary Nigerians, including students, youths, and vulnerable consumers, do not lose their legitimate entitlements due to circumstances beyond their control.

We encourage NAICOM to intensify public awareness campaigns so that Nigerians fully understand the protections available to them under the new insurance regime.

*NANS’ UNWAVERING COMMITMENT TO THE REFORM AGENDA*

NANS hereby reaffirms its unwavering support for the ongoing transformation of Nigeria’s insurance industry. We recognize that these reforms are interconnected components of a bold agenda designed to strengthen the insurance sector and contribute meaningfully to national development.

Accordingly, NANS pledges to:
• Mobilize Nigerian students in support of insurance awareness and financial literacy initiatives.
• Promote insurance as a viable career pathway for graduates and young professionals.
• Encourage students participation in youth-focused insurance development programmes.
• Advocate for the protection and expansion of initiatives that support education and youth empowerment.
• Support reforms that strengthen consumer protection, transparency, accountability, and institutional excellence.

*CALL TO THE FEDERAL GOVERNMENT AND ALL NIGERIANS*

NANS calls on President Bola Ahmed Tinubu, the Federal Government, the National Assembly, industry stakeholders, the media, and all well-meaning Nigerians to continue supporting the Insurance industry’s reform agenda. These transformations are not merely a regulatory exercise. It is a national economic imperative that has the potential to unlock investment, create jobs, enhance financial security, promote economic stability, and accelerate Nigeria’s march toward sustainable prosperity.

A strong insurance sector is a foundation for a strong economy. A strong economy is a pathway to reduced poverty, increased opportunities, and a better future for Nigerian youths.

We therefore urge all Nigerians to reject divisive narratives, support constructive reforms, and stand firmly behind initiatives that advance the national interest.

CONCLUSION
The National Association of Nigerian Students (NANS) National Headquarters stands firmly with NAICOM. We stand with every Nigerian student, every policyholder, every investor, and every citizen who desires a transparent, efficient, and globally competitive insurance industry.

We shall continue to support genuine reforms, defend institutions that are delivering measurable results, and oppose all attempts to undermine progress for personal or sectional interests.

The transformation of Nigeria’s insurance sector is a transformation that serves the interests of present and future generations. It must be protected, sustained, and driven to its logical conclusion.

The post NANS Endorses Insurance Industry Reforms, Condemns moves to Derail Recapitalisation appeared first on Business Today NG.