Don’t Miss Out Yet, Expert Tells Investors as Dangote Refinery IPO Draws Massive Interest

By Taibat Ummi Yakubu

As excitement continues to build around the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, a capital market expert has urged prospective investors not to stay away over fears that the offer may already be oversubscribed.

Vice President of Highcap Securities, David Adonri, said concerns that the offer could be fully subscribed before its closing date remain premature, stressing that the subscription process is still ongoing and the final outcome cannot be determined until the offer closes and records are reconciled.

Speaking in Lagos on Sunday, Adonri encouraged interested investors to take advantage of the opportunity rather than be discouraged by speculation surrounding the level of demand for the shares.

According to him, assumptions that the IPO will be oversubscribed are not based on confirmed figures, as the offer remains open and subscriptions are still being received.

“There is no risk in trying,” he said, urging investors to submit their applications instead of allowing uncertainty to keep them on the sidelines.

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He noted that Dangote Petroleum Refinery and Petrochemicals had indicated that retail investors would receive priority consideration during the allotment process, a move aimed at widening public participation and ensuring that ordinary Nigerians have an opportunity to own shares in the company.

Adonri described the offer as one of the most significant investment opportunities currently available in the Nigerian capital market, saying it provides investors with a chance to acquire equity in a company with strong growth prospects and strategic importance to Africa’s economy.

He added that the IPO gives investors access to what he described as a globally relevant enterprise at a price many market participants consider attractive.

The investment expert further said broad public participation in the offer would help deepen ownership of one of Africa’s largest industrial projects while creating long-term wealth opportunities for investors.

The Dangote Refinery IPO, which opened on September 14, is scheduled to close on October 13.

The offer comprises 4.1 billion ordinary shares priced at ₦525 each, with the company seeking to raise approximately ₦2.15 trillion from the exercise.

The public offer has attracted widespread attention from retail and institutional investors alike, reflecting growing interest in the refinery, which is expected to play a major role in Nigeria’s energy sector and reduce the country’s dependence on imported petroleum products.