Peter Obi backs Dangote refinery IPO, urges Nigerians to invest

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The 2027 presidential candidate of the Nigeria Democratic Congress, Peter Obi, has encouraged Nigerians to invest in the ongoing Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals.

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Obi made the call in a statement posted on his X handle on Wednesday, saying he had been asked by Nigerians at home and in the diaspora to give his opinion on the N2.15tn IPO.

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“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.

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“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.

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

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The former Anambra State governor also urged Nigerian businesses to invest in productive sectors and allow citizens to participate in the ownership of companies through public offerings.

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“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 added.

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The Dangote Refinery IPO, which opened on Monday, September 14, 2026, comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

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The N2.15tn offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

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The offering gives retail, institutional and eligible African investors an opportunity to acquire shares in the refinery, which is located in the Lekki Free Zone, Lagos.

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