Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi has encouraged Nigerians at home and abroad to consider investing in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Obi made the call in a statement published on Wednesday after, according to him, Nigerians in the country and diaspora sought his opinion on the refinery’s public offering.
The IPO is valued at approximately N2.15 trillion, with the offering involving 4.1 billion new ordinary shares priced at N525 per share.
The offer opened on September 14 and is scheduled to close on October 13, 2026. The minimum subscription is 10 shares, representing an initial investment of N5,250.
Obi backs public ownership
Obi said he was encouraging Nigerians to participate in the offer while expressing support for Dangote’s investment in Nigeria’s productive sector.
He described the refinery project as evidence of the importance of moving the Nigerian economy from a predominantly consumption-based model towards greater domestic production.
Obi also encouraged other Nigerian companies operating in productive sectors to consider public offerings that would allow citizens to become shareholders.
His comments effectively frame the Dangote refinery IPO as part of a broader discussion about domestic capital formation and public participation in major Nigerian businesses.
A major capital-market offering
The Dangote Refinery IPO represents a significant transaction for Nigeria’s capital market and is designed to raise funds to support expansion of the refinery.
The offering also provides investors with an opportunity to acquire an ownership interest in the company through the Nigerian capital market.
However, as with any investment, participation carries financial considerations and potential risks. Obi’s endorsement is a personal political and economic opinion and should not be interpreted as a guarantee of investment returns.
The offer’s terms, regulatory documentation and market conditions remain relevant to anyone considering participation.
The development comes as Dangote Industries seeks to broaden ownership of the refinery while raising additional capital for expansion.