By David Oluwatosin
FCMB Group Chief Executive Officer, Ladi Balogun, has described the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering (IPO) as a rare opportunity for ordinary Nigerians to participate in the ownership of a large-scale industrial business.
Balogun said the offering, which provides 4.1 billion ordinary shares at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250, could help break traditional barriers to participation in wealth creation through the capital market.
“It presents an opportunity for every Nigerian to experience the benefits of investing in world-class and world-scale businesses that would otherwise be inaccessible,” Balogun said.
The FCMB Group CEO said the IPO reflects the growing depth and inclusiveness of Nigeria’s capital market, with participation extending from retail investors using mobile banking and fintech platforms to institutional pension funds and international investors.
According to him, the increasing range of investment channels is creating broader access to opportunities that were previously concentrated among large institutional investors and high-net-worth individuals.
Balogun also highlighted the business model of the Dangote refinery, noting that its operations remain relatively insulated from some domestic macroeconomic and currency pressures.
He said the scale of the project and its position within the petroleum value chain could make the offering significant for investors seeking exposure to a major industrial enterprise.
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FCMB Group is participating in the IPO process through its subsidiaries.
First City Monument Bank (FCMB), FCMB Capital Markets and CSL Stockbrokers are involved in various aspects of the offering, including distribution, advisory and issuance responsibilities.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with the minimum subscription set at 10 shares, or ₦5,250.
The public offer is scheduled to close on October 13, 2026.
The offering provides eligible investors with an opportunity to participate in the ownership of one of Nigeria’s major industrial projects through the domestic capital market.
