Chief F.E. Ojugbana, a respected elder statesman and business expert, has described the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO) as a major development for Nigeria’s capital market and an opportunity for Nigerians to own stakes in a major indigenous industrial company.
The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion ordinary shares offered at N525 per share. The minimum subscription is 10 shares.
The offer was approved by the Securities and Exchange Commission (SEC), which advised prospective investors to subscribe only through officially designated channels.
Speaking on the growing interest in the IPO, Ojugbana said the offer provides an opportunity for Nigerians to participate in productive enterprises that are contributing to the country’s industrial development.
He noted that increased local ownership of major Nigerian companies could support financial inclusion, capital ownership and long-term wealth creation.
Ojugbana, who has more than five decades of experience in business development, management consultancy, training and institutional development, is the Founder and Chairman of MADEC Associates.
Over the years, he has worked with government institutions, multinational corporations and indigenous businesses, providing advice on management development, capacity building and enterprise growth.
He encouraged Nigerians to remain open to credible investment opportunities offered by the Dangote Group and other major indigenous companies, while ensuring that such investments are consistent with their financial capacity and long-term goals.
The Dangote Refinery IPO has generated significant public interest because of the scale of the refinery and its planned expansion.
The company has described the offer as an “IPO for the people”, with the objective of widening ownership of the refinery while raising funds to increase its refining capacity from 700,000 barrels per day to 1.4 million barrels per day.
However, Ojugbana cautioned prospective investors against committing funds they cannot afford to lose, stressing the need for financial discipline when investing in equities.
“Investment should be approached with optimism, but also with discipline. Opportunities will come, and where the fundamentals are understood and the investment suits your circumstances, Nigerians should be prepared to participate.
“But you invest what you can afford. You do not jeopardise your home, your children’s education or your immediate responsibilities in pursuit of an investment return,” he said.
His position is similar to advice previously given by the Emir of Kano, Muhammadu Sanusi II, who urged Nigerians interested in the Dangote IPO to invest responsibly.
Sanusi had cautioned prospective investors against selling their homes or using their children’s school fees to purchase shares, advising them instead to invest manageable amounts and maintain a long-term outlook.
Ojugbana also advised investors to carry out proper due diligence before subscribing to the offer and ensure they understand the risks associated with equity investments.
He said broader participation in major Nigerian enterprises could help deepen the country’s capital market and encourage more Nigerians to become shareholders in businesses expanding within Nigeria and across Africa.
The Dangote Refinery IPO is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the offer documents.
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