In an update published by BusinessDay, the Dangote Group has selected Stanbic IBTC, Vetiva Capital, and First Capital to lead its upcoming equity offering. This move is expected to be the largest of its kind in the history of African capital markets, allowing public investors to own a stake in the 650,000 barrels-per-day refinery.
The decision to go public follows the refinery’s successful transition to full-capacity operations and its recent agreements to supply petroleum products across the West African sub-region. The capital raised from the Initial Public Offering (IPO) is earmarked for further expansion and debt servicing.
Investors are reportedly enthusiastic about the offering, viewing it as a proxy for the growth of the Nigerian energy sector. The listing on the Nigerian Exchange (NGX) is expected to significantly boost the market’s total capitalization and attract more foreign institutional investors.
The Guardian and Premium Times have highlighted the significance of the listing. The Guardian described it as “a game-changer for the NGX,” while Premium Times quoted a financial analyst saying, “this IPO will provide the liquidity and transparency that the Nigerian energy sector has lacked for decades.”
Echotitbits take: This IPO is the “deal of the year.” For the average Nigerian, it represents a rare opportunity to invest in the country’s downstream energy backbone. Watch for the prospectus release in mid-March.
Source: ThisDayLive – https://www.thisdaylive.com/2026/02/28/stanbic-ibtc-standard-bank-vetiva-to-lead-dangote-refinerys-historic-ngx-listing/, March 2nd, 2026
Photo credit: ThisDayLive
