Peter Obi has backed the Dangote Refinery IPO and encouraged Nigerians to consider buying shares in the company.
The Nigerian opposition politician announced his position on Wednesday.
Obi said Nigerians at home and abroad had asked for his view on the public offering.
He then encouraged those interested to participate.
Business Insider Africa reported the comments, which were also published by Nigerian newspaper Punch.
Peter Obi backs Dangote Refinery IPO
Obi praised Aliko Dangote’s investment in Nigeria’s productive sectors.
He said the refinery supported his argument that Nigeria should move from consumption towards production.
Obi also encouraged other Nigerian companies to invest in productive industries.
In addition, he called on private companies to give citizens more opportunities to own shares through public offerings.
Dangote Refinery IPO seeks ₦2.15 trillion
The Dangote Refinery IPO opened on September 14.
The company is offering 4.1 billion new ordinary shares at ₦525 per share.
Therefore, the offering could raise about ₦2.15 trillion if fully subscribed.
The minimum subscription is 10 shares. That puts the minimum investment at ₦5,250.
Retail investors, institutional investors and eligible African investors can participate in the offer.
Reuters has described the share sale as Africa’s largest IPO. The news agency reported that the refinery is valued at around ₦63 trillion.
Public offer runs until October
The public offering is scheduled to remain open until October 13, 2026, subject to the terms of the prospectus.
Nigeria’s Securities and Exchange Commission has approved the IPO.
However, the regulator has urged investors to use only approved banks, brokers and subscription platforms.
It also warned people against sending money through unofficial websites, social media accounts or individuals claiming to offer access to the shares.
Investors urged to understand risks
The IPO has attracted significant attention since opening.
However, buying shares involves financial risk.
Nigeria’s SEC has advised prospective investors to read the approved prospectus and understand the terms and risks before subscribing.
The offering gives investors an opportunity to own shares in the refinery. However, share values can rise or fall after listing.
The Dangote Refinery IPO is expected to close in October, with trading expected to begin later in 2026.