Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has urged Nigerians to take interest in the ongoing Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO), while calling for greater public participation in the ownership of major Nigerian businesses.
Obi said his support for the refinery’s public offer was linked to his long-standing advocacy for moving Nigeria’s economy from consumption to production.
In a statement shared on his official X handle on Wednesday, Obi disclosed that Nigerians in the country and abroad had sought his views on whether they should participate in the Dangote Refinery IPO.
He encouraged those considering the investment to buy shares, while commending Aliko Dangote for investing heavily in the productive sector of the Nigerian economy.
According to Obi, the development demonstrates the potential of private-sector investment to strengthen Nigeria’s productive capacity and reduce dependence on imported goods.
He also called on other Nigerian entrepreneurs and companies operating in productive sectors to consider opening their ownership structures to ordinary Nigerians through public offerings.
The Dangote Refinery IPO, which commenced on September 14, 2026, offers 4.1 billion ordinary shares at N525 per share. The minimum subscription is 10 shares, requiring an investment of N5,250.
The offer is expected to raise approximately N2.15 trillion if fully subscribed and is scheduled to close on October 13, 2026.
Dangote has described the offer as an “IPO for the people”, with the refinery seeking to expand its shareholder base among Nigerians and other eligible investors.
Meanwhile, the Securities and Exchange Commission has advised prospective investors to apply and make payments only through officially approved channels and to study the approved prospectus before committing funds.
The regulator has also noted that investing in shares carries risks, as share prices can rise or fall after listing and dividends are not guaranteed.
Obi’s intervention therefore places the refinery’s IPO within a broader economic debate about domestic ownership, industrialisation and the participation of ordinary Nigerians in major productive assets.
