Lagos Listing Pipeline: Nigerian Exchange Says Several Firms Are in Talks After Dangote OfferLagos Listing Pipeline: Nigerian Exchange Says Several Firms Are in Talks After Dangote Offer
Key Highlights
- Nigerian Exchange Group chief executive Temi Popoola says the exchange is in private talks with several companies in energy, technology and state-owned sectors and is optimistic about listings from 2027.
- The Dangote refinery offer of 4.1 billion shares at KSh 51.29 ($0.39) each targets about KSh 207.90B ($1.6B), and the closing date was extended from 13 October to 27 October.
- Nigeria's Securities and Exchange Commission warned the public this week not to buy refinery shares through WayvePay, while its operator says no investor has subscribed through the platform.
The Nigerian Exchange expects the Dangote refinery offer to open the door to more large listings in Lagos, with several companies already in private talks about joining from next year.
Temi Popoola, chief executive of NGX Group, said in an interview published on Friday that the exchange is optimistic about listings from 2027 and that the talks cover energy, technology and state-owned companies, none of which were named.
He said the Dangote offer answered long-standing doubts about whether large sums could be raised in Nigeria, citing the refinery's market value of about $50B (KSh 6.50T). Naira figures here are converted at N1,330 to the dollar and KSh 129.94 to the dollar.
What the offer has shown
The refinery is offering 4.1 billion shares at N525 (KSh 51.29, $0.39) each, targeting about N2.15T (KSh 207.90B, $1.6B), described as Africa's largest IPO. It opened on 14 September and was due to close on 13 October, before the Securities and Exchange Commission approved an extension to 27 October. Investors applying for N50,000 (KSh 4,885, $37.59) or less get priority in allotment, and Aliko Dangote owns about 92% of the refinery.
Popoola said the exchange is focused on fair price discovery and on building liquidity once shares begin trading. NGX Group chairman Umaru Kwairanga said the exchange will visit Egypt, Ethiopia and Botswana with the issuer to explain how investors there can take part, and called the sale "Africa's People IPO". Dangote has said orders are several times the target, though no subscription figures have been published.
A warning, and the Kenyan route
The refinery reported a profit of about $4.7B (KSh 610.72B) for the first nine months of the year. This week the regulator warned the public not to buy shares through WayvePay, a digital banking platform. Wayve Microfinance Bank, which runs it, says it is engaging with the regulator and that no investor has subscribed through the platform.
Kenyan investors face a different route and different dates. As Mwenendo earlier reported, Kenyan investors face conflicting deadlines on the offer, and Mwenendo earlier reported on how Ethiopia limited the offer to 100 qualified investors.
In Summary
- Who is in talks?
- The Nigerian Exchange, led by NGX Group chief executive Temi Popoola, with several unnamed companies.
- What is expected?
- Listings from 2027, possibly in energy, technology and state-owned sectors.
- When does the Dangote offer close?
- On 27 October 2026, after an extension from 13 October.
- Where will the exchange promote the offer?
- Egypt, Ethiopia and Botswana, with the issuer.
- Why does the exchange say it matters?
- It says the offer answers doubts about whether large sums can be raised in Nigeria.
- What has the regulator warned?
- The Securities and Exchange Commission warned the public not to buy refinery shares through WayvePay; its operator says no investor subscribed.