Dangote Refinery IPO: ‘Investors Are Ready to Support the Right Story’ – Comercio Partners CEO
The planned Initial Public Offering (IPO) of the Dangote Refinery could significantly reshape Nigeria’s capital market, with the company expected to command about N65.88 trillion in market capitalisation when listed, according to Stephen Osho, CEO of Comercio Partners Capital.
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Osho, whose firm is one of the joint issuing houses for the offering, said the refinery’s IPO presents a major opportunity for retail and institutional investors and could attract millions of new participants to the Nigerian Exchange (NGX).
He described the transaction as “a first of its kind in many aspects,” citing the size of the refinery, its strategic importance to Nigeria and Africa, and its ongoing expansion plans.
Source: UGC
Dangote Refinery IPO to boost investor participation
Osho said the refinery’s expected N65.88 trillion market capitalisation would make it one of the most significant companies on the NGX.
With the NGX market capitalisation standing at about N157.15 trillion as of September 10, 2026, the refinery could account for roughly 42% of the exchange’s current market value when listed.
Beyond its size, Osho said the offer could bring an unprecedented number of investors into the Nigerian equity market, with the company targeting as many as 10 million investors for the 4.1 billion shares being offered.
Another 7.1 billion shares are expected to be listed after the expiration of the lock-up period on shares from an earlier private placement.
According to Osho, the IPO provides investors with an opportunity to participate in the growth of a strategically important asset.
“For retail and institutional investors, the IPO is an opportunity to own a stake in the engine behind Nigeria’s and Africa’s energy independence,” he said.
He added that investors would be coming in at a stage when “construction and market entry risks have been largely mitigated.”
Osho also said the level of investor interest in the transaction shows that the right investment story can attract capital, both locally and internationally.
“The level of investors' participation seen on the equity listing of the Dangote Refinery IPO has brought to the fore the argument that attracting both local and international equity capital is largely dependent on the investment case,” he said.
“We can say that, other things being equal, a compelling investment case will attract both domestic and foreign capital.”
Refinery could strengthen Nigeria’s energy security
Beyond the stock market, Osho said the refinery could have a major impact on Nigeria’s economy by reducing the country’s dependence on imported refined petroleum products.
He argued that the refinery had already demonstrated its strategic importance during the ongoing US-Iran conflict by shielding Nigeria from some of the supply disruptions and economic pressures affecting other countries.
“The first and immediate advantage of the refinery to Nigeria was that it shields us from all the impacts of the US-Iran war except the pricing of petrol,” Osho said.
He explained that Nigeria had historically faced the paradox of exporting crude oil while spending billions of dollars annually importing refined petroleum products.
According to him, domestic refining could reduce the foreign exchange previously spent on importing petrol, diesel and aviation fuel, while excess production could position Nigeria as a major petroleum products supplier to West and Central Africa.
He also highlighted the refinery’s potential contribution to industrialisation through the production of petrochemical inputs such as polypropylene and polyethylene.
“These lower the cost structure for domestic packaging, plastics, agriculture, construction, and pharmaceutical manufacturing,” he said.
Osho added that the refinery could generate thousands of direct jobs and more than 140,000 indirect jobs across transportation, maintenance, procurement, security and distribution.
Source: UGC
Comercio Partners confident in IPO
Osho said Comercio Partners Capital Limited was confident in Dangote Refinery’s management and its plans to expand operations and improve efficiency.
“For us at Comercio Partners Capital, we are confident in the ability of the board and management of the Dangote Refinery to deliver the expansion plans and operational efficiencies they have projected to implement,” he said.
He noted that the company’s earlier private placement was more than three times oversubscribed, describing the response as evidence of strong market confidence.
“We expect the implementation of these plans to drive significant value accretion for the shareholders of the refinery,” Osho said.
However, he acknowledged concerns over misinformation surrounding the IPO and said the issuing houses would work to provide investors with accurate information about the offer.
He also urged prospective investors to rely on the approved offer documents, noting that the Securities and Exchange Commission had reviewed the documentation before approving the IPO.
Looking beyond the Dangote Refinery, Osho said a successful transaction could encourage other major Nigerian companies to approach the capital market.
“The expected success of the Dangote Refinery IPO will once again prove to other Nigerian companies that Nigerian investors are always ready to support the right story,” he said.
According to him, that story must contribute to “national development, value creation for stakeholders, and wealth maximization.”
Source: Legit.ng
