Peter Obi Advises Nigerians on Dangote Refinery IPO

• Former Anambra State governor Peter Obi has urged Nigerians at home and abroad to consider investing in the ongoing Dangote Petroleum Refinery IPO.

Peter Obi Backs Dangote Refinery IPO

Former Anambra State governor and Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has encouraged Nigerians to invest in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

Obi disclosed his position in a statement posted on his official X account on Wednesday, September 16, saying Nigerians in the country and abroad had approached him for his opinion on the public offer.

“In the course of my engagements with Nigerians at home and in the diaspora, many of them have sought my opinion on investing in the ongoing Dangote Petroleum Refinery Initial Public Offering,” Obi said.

He subsequently encouraged interested Nigerians to buy shares, while praising Aliko Dangote’s investment in Nigeria’s productive sectors.

“While encouraging them to buy, I must say that I remain very proud of the commitment and breakthrough of Alhaji Aliko Dangote’s investment in the real sector of our country’s economy, across different sectors,” Obi said.

According to the former governor, the refinery project reinforces his long-standing argument that Nigeria should shift its economic focus from consumption towards production.

“This validates my position that we should move Nigeria from consumption to production,” he added.

The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion ordinary shares being offered at N525 per share. The minimum subscription is 10 shares, costing N5,250, while the offer is targeting about N2.15 trillion if fully subscribed. The offer is scheduled to close on October 13, 2026.

Obi also called on other Nigerian businesses to invest in productive sectors and create opportunities for Nigerians to own stakes in companies through public offerings.

“I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialization of the country by offering their shares to the public through public offerings,” he said.

The public offer has been promoted by Dangote as an opportunity to broaden ownership of the refinery among Nigerians and other eligible investors. The IPO has also attracted significant attention from retail investors since its launch.

However, the Securities and Exchange Commission (SEC) has advised prospective investors to obtain information through official channels, use only approved receiving agents and subscription platforms, and carefully study the approved prospectus before investing. The commission also warned investors against sending funds to unauthorised individuals or platforms claiming to process subscriptions.

The SEC has further emphasised that prospective investors should understand the terms and risks associated with the offer before making any investment decision.