The Nigerian Exchange Group (NGX Group) has intensified efforts to attract foreign investment into Nigeria’s capital market, with its Group Chairman, Umaru Kwairanga, calling on Middle East investors to participate actively in upcoming investment opportunities, including the anticipated Initial Public Offering (IPO) of Dangote Refinery.
Kwairanga made the call during a strategic visit to the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates (UAE), where he held discussions with the exchange’s board and management on strengthening cooperation between both institutions and expanding cross-border investment flows between Nigeria and the Gulf region.
The NGX Chairman highlighted the planned Dangote Refinery IPO, expected in September 2026, as one of the most significant investment opportunities currently emerging from Africa.
He urged institutional and high-net-worth investors in the Middle East to take advantage of the offering, describing the refinery project as a transformative industrial asset with continental relevance.
“In Nigeria, we are preparing for the Dangote Refinery IPO, which is widely seen as a continental project,” Kwairanga said during the engagement.
“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.”
The planned public offering is expected to involve approximately three billion ordinary shares at a proposed price of $0.35 per share.
Market reports indicate that investor commitments have already exceeded $2bn, reflecting strong interest in the landmark transaction.
Under the proposed terms, investors will be required to subscribe for a minimum of one million shares valued at $350,000, while additional subscriptions will be accepted in multiples of 500,000 shares.
The shares are expected to be subject to a 365-day lock-up period, with proceeds earmarked for expansion projects and general corporate purposes as the refinery scales production and consolidates its position in regional and global energy markets.
The engagement with ADX forms part of NGX Group’s broader strategy to deepen international partnerships, attract foreign portfolio and direct investment, and position Nigeria as a leading destination for capital formation in Africa.
Kwairanga noted that recent reforms and improvements in Nigeria’s economic and capital market environment have enhanced investor confidence and strengthened the attractiveness of Nigerian assets.
According to him, both the NGX All-Share Index and the market’s overall capitalization have more than doubled in recent years, underscoring the resilience and growing appeal of the Nigerian capital market.
He said the positive performance has generated renewed interest from international investors across various regions, including the Middle East, creating opportunities for increased participation in equity offerings, infrastructure financing, and other strategic investments.
The NGX Chairman also referenced President Bola Tinubu’s recent investment engagement in Abu Dhabi, where the President met with global investors and highlighted ongoing economic reforms aimed at improving the business environment and attracting foreign capital into Nigeria.
Beyond the Dangote Refinery IPO, Kwairanga emphasized the importance of greater collaboration between African and Middle Eastern financial markets, particularly in areas such as market infrastructure development, technology transfer, capacity building, and knowledge sharing.
He highlighted the Nigerian Exchange’s involvement in the African Exchanges Linkage Project (AELP), a continental initiative designed to connect stock exchanges across Africa, facilitate cross-border securities trading, improve market liquidity, and broaden access to investment opportunities for African and international investors.
According to him, stronger partnerships between NGX and ADX could support the development of more integrated capital markets, improve market efficiency, and create new channels for investment flows between Africa and the Gulf region.
He further commended the UAE’s economic resilience and policy stability, describing the country as a preferred destination for global investors despite prevailing geopolitical uncertainties in some parts of the Middle East.
Market analysts believe closer cooperation between the Nigerian and Abu Dhabi exchanges could pave the way for dual listings, joint investment initiatives, and increased participation of Gulf-based institutional investors in Nigeria’s capital market, particularly as the country seeks to mobilize long-term capital to support infrastructure development and economic growth.
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