The Group Chairman of Nigerian Exchange Group (NGX Group), Umaru Kwairanga, has called on investors in the Middle East to participate in the Nigerian capital market.
Kwairanga made the appeal during a recent visit to the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates (UAE), where he met with the exchange’s board and management to explore areas of collaboration and investment opportunities.
The NGX boss specifically referenced the planned Initial Public Offering (IPO) of Dangote Refinery as a good point for investors to come in.
The IPO is expected to take place in September 2026.
What they are saying
Speaking during the engagement, Kwairanga described the forthcoming Dangote Refinery IPO as a project of continental significance and expressed optimism that investors from the Middle East would play an active role in the offering.
- “In Nigeria, we are preparing for the Dangote Refinery IPO, which is widely seen as a continental project,” he said.
- “Hopefully, the refinery, which is one of the largest in the world, will consider a dual listing in a global financial centre. We also hope to see strong participation from Middle East investors, with investor roadshows likely to be held in the UAE.”
He noted that growing international investor confidence in Nigeria’s capital market has created opportunities to attract additional foreign capital into major listings and infrastructure projects.
Kwairanga said the Nigerian capital market has recorded significant improvements in performance and market activity over the past few years, citing strong growth in market capitalization and equity valuations.
According to him, both the NGX All-Share Index and overall market capitalization have more than doubled in recent years, attracting renewed interest from investors across different regions, including the Middle East.
He also referenced President Bola Tinubu’s recent visit to Abu Dhabi, during which the President engaged investors on ongoing economic reforms and investment opportunities in Nigeria.
Get up to speed
The comments come amid growing anticipation for the Dangote Refinery IPO.
- According to a recent Reuters report, the company plans to offer approximately 3 billion ordinary shares at a proposed price of $0.35 per share, with investor commitments reportedly exceeding $2 billion.
- The report indicated that investors will be required to subscribe for a minimum of one million shares, valued at $350,000, while additional purchases will be made in multiples of 500,000 shares.
The shares are expected to be subject to a 365-day lock-up period, while proceeds from the offering will be used to fund expansion plans and support general corporate operations as the refinery scales up production and strengthens its market position.
More insights
Beyond the refinery IPO, Kwairanga highlighted the NGX’s role in advancing the African Exchanges Linkage Project, an initiative aimed at connecting stock exchanges across Africa to facilitate cross-border trading and deepen the continent’s capital markets.
He also called for stronger collaboration between the Nigerian and Abu Dhabi exchanges through knowledge-sharing initiatives, capacity-building programmes, and broader market cooperation.
The NGX Chairman commended the UAE’s economic resilience and stability, noting that the country remains a preferred destination for global investment despite ongoing geopolitical uncertainties in parts of the region.
What you should know
The latest engagement follows Kwairanga’s recent call for African capital markets to broaden their focus beyond traditional sectors such as oil and gas, banking, and manufacturing.
- Speaking at the Africa Soft Power Summit in Nairobi last month, he urged investors and financial institutions to embrace opportunities in Africa’s growing creative economy, including music, film, technology, and innovation-driven enterprises.
According to him, these sectors represent significant but largely underdeveloped investment opportunities capable of generating long-term economic value across the continent.
