Umaru Kwairanga, the Group Chairman of Nigerian Exchange Group (NGX Group), has extended an invitation to investors in the Middle East to actively participate in Nigeria’s capital market. This appeal was made during a recent visit to the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates (UAE), where discussions focused on potential collaborations and investment avenues.
Kwairanga specifically pointed to the planned Initial Public Offering (IPO) of Dangote Refinery as a significant entry point for investors. The IPO is slated to occur in September 2026.
During the engagement, Kwairanga described the forthcoming Dangote Refinery IPO as a project of continental importance. He expressed confidence that investors from the Middle East would play a substantial role in this offering. "In Nigeria, we are preparing for the Dangote Refinery IPO, which is widely seen as a continental project," he stated.
He added, "Hopefully, the refinery, which is one of the largest in the world, will consider a dual listing in a global financial centre. We also hope to see strong participation from Middle East investors, with investor roadshows likely to be held in the UAE." Kwairanga noted that increasing international investor confidence in Nigeria’s capital market has paved the way for attracting additional foreign capital into major listings and infrastructure projects.
The NGX boss highlighted that the Nigerian capital market has experienced considerable improvements in performance and activity over the past few years. He cited robust growth in both market capitalization and equity valuations. According to Kwairanga, both the NGX All-Share Index and the overall market capitalization have more than doubled in recent years, drawing renewed investor interest from various regions, including the Middle East.
Kwairanga also referenced President Bola Tinubu’s recent visit to Abu Dhabi, during which the President engaged investors on Nigeria's ongoing economic reforms and investment opportunities. This engagement comes amidst growing anticipation for the Dangote Refinery IPO.
A recent Reuters report indicated that the company plans to offer approximately 3 billion ordinary shares at a proposed price of $0.35 per share. Investor commitments for this offering have reportedly exceeded $2 billion. The report further specified that investors would be required to subscribe for a minimum of one million shares, valued at $350,000, with subsequent purchases made in multiples of 500,000 shares. These shares are expected to be subject to a 365-day lock-up period, and the proceeds will fund expansion plans and support general corporate operations as the refinery scales up production.
Beyond the refinery IPO, Kwairanga emphasized the NGX’s commitment to advancing the African Exchanges Linkage Project. This initiative aims to connect stock exchanges across Africa to facilitate cross-border trading and deepen the continent’s capital markets. He also called for enhanced collaboration between the Nigerian and Abu Dhabi exchanges through knowledge-sharing, capacity-building programs, and broader market cooperation.
Kwairanga commended the UAE’s economic resilience and stability, recognizing it as a preferred destination for global investment despite geopolitical uncertainties in other parts of the region. This engagement follows Kwairanga’s recent advocacy for African capital markets to diversify beyond traditional sectors like oil and gas, banking, and manufacturing, encouraging a focus on the growing creative economy.
