Peter Obi Backs Dangote Refinery IPO, Urges Nigerians to Invest

Former Anambra State Governor and 2027 presidential candidate Peter Obi has backed the ongoing Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals, urging Nigerians at home and abroad to consider investing in the share offer.

Obi made his position known in a statement on Wednesday, saying many Nigerians had sought his opinion on whether they should participate in the N2.15 trillion public offering.

The former governor said he was encouraging Nigerians to buy shares in the refinery while commending Aliko Dangote for his investment in Nigeria’s productive sectors.

According to Obi, the development demonstrated the importance of moving Nigeria from a consumption-driven economy towards one focused more on production and industrialisation.

He also called on other Nigerian businesses operating in productive sectors to consider opening their ownership structures to members of the public through public offerings.

Obi said broader citizen participation in major businesses could help Nigerians become shareholders in companies contributing to the country’s economic development.

The Dangote Refinery IPO opened on September 14, 2026, offering 4.1 billion new ordinary shares at N525 per share.

The minimum subscription is 10 shares, valued at N5,250, allowing retail investors to participate in the offer.

The public offer is scheduled to close on October 13, 2026, subject to the terms of the offer.

The funds to be raised through the IPO are expected to support the refinery’s expansion plans and other corporate objectives.

The refinery, located in the Lekki Free Zone in Lagos, has a nameplate capacity of 650,000 barrels per day and is one of the largest single-train refineries in the world.

The public offering is being promoted as an opportunity for Nigerians and other eligible investors to own a stake in the refinery.

Dangote has previously described the IPO as an opportunity to broaden ownership of the facility and deepen participation in Nigeria’s capital market.

Obi further urged Nigerian businesses to embrace public ownership and provide citizens with opportunities to participate in the country’s industrial growth.

He said greater local participation in productive enterprises could help strengthen wealth creation and encourage Nigerians to invest in businesses operating within the country.

The IPO has attracted significant attention from retail and institutional investors since it opened, with the offer representing one of the largest public share offerings in Nigeria’s capital market.