Former Anambra State governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has encouraged Nigerians to participate in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Obi made the call in a post on his official X handle on Wednesday, saying Nigerians in the country and abroad had sought his opinion on whether they should invest in the public offer.
“In the course of my engagements with Nigerians at home and in the diaspora, many of them have sought my opinion on investing in the ongoing Dangote Petroleum Refinery Initial Public Offering,” Obi said.
He said he was encouraging them to buy shares while commending Aliko Dangote for the investment and development of the refinery.
“While encouraging them to buy, I must say that I remain very proud of the commitment and breakthrough of Alhaji Aliko Dangote’s investment in the real sector of our country’s economy, across different sectors.
This validates my position that we should move Nigeria from consumption to production.”
The Dangote Refinery IPO opened on September 14, offering 4.1 billion ordinary shares at ₦525 each. The minimum subscription is 10 shares, requiring an investment of ₦5,250. The offer is scheduled to close on October 13, 2026.
If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion. The public offer is open to retail, institutional and eligible African investors, giving them an opportunity to acquire shares in the refinery.
The refinery has described the offer as the “IPO for the People,” with the initiative designed to broaden public participation in its ownership. The official IPO platform also states that investors should read the prospectus and understand the risks associated with buying shares before subscribing.
Obi, who has repeatedly advocated a shift from consumption towards production, also urged Nigerian businesses to invest in productive sectors and create opportunities for citizens to participate in the ownership of such enterprises.
“I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialization of the country by offering their shares to the public through public offerings,” he said.
The former governor’s comments come as the Dangote Refinery IPO continues to draw attention from investors following its commencement on the Nigerian Exchange.
The Securities and Exchange Commission has warned prospective investors to subscribe only through approved channels and to carefully review the official prospectus before investing. The official IPO information also cautions that share prices can rise or fall after listing and that dividends are not guaranteed.
