Dangote Refinery IPO May Triple Nigeria’s Active Investor Base

The planned $1.6 billion initial public offering of Dangote Petroleum Refinery could raise Nigeria’s active stock-market investor base by three to five times, according to the Nigerian Exchange Group. The offer is expected to close at the end of the month and could become Africa’s largest IPO. It is aimed at bringing millions of retail investors into Nigeria’s capital market. The exchange is promoting the offer through WhatsApp, point-of-sale terminals and basic mobile phones. It is also exploring cross-border access with African markets, including Egypt, Kenya, Botswana and Ethiopia, through depositary receipt arrangements. About 12 million Nigerians participate in capital markets, but only a fraction trade actively. The IPO could test foreign demand for Nigerian investments and widen public participation in shares.

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