The Chairman of NGX Group, Dr Umaru Kwairanga, says the Dangote Petroleum Refinery’s Initial Public Offering (IPO) demonstrates the depth of Nigeria’s capital market to finance companies with global ambitions.
Dr. Kwairanga made the remarks in a television interview on the sidelines of the Money20/20 Middle East Fintech Conference at the Riyadh International Conference Centre in Saudi Arabia on Wednesday.
According to the NGX Group Chairman, the importance of the Dangote offer extends beyond its sheer size.
“The Dangote Petroleum Refinery IPO sends an important signal about the capacity and ambition of Nigeria’s capital market. It demonstrates that businesses of substantial scale can turn to our public market to raise long-term capital, broaden ownership and give both institutional and retail investors an opportunity to participate in their growth,” he said.
Dr. Kwairanga explained that a listing of this magnitude could encourage other large Nigerian and African corporations to see the capital market as a viable alternative for long-term growth financing.
He noted that “the IPO comes at a time of significant market reforms aimed at enhancing Nigeria’s global investment appeal.”
Dr. Kwairanga cited the transition to a T+1 settlement cycle, extended trading hours and Nigeria’s scheduled return to the FTSE Russell Frontier Market Index on September 21, 2026.
“So, the message is clear: Nigeria is building a deeper and more investable capital market, capable of supporting companies of global ambition,” he explained.
The NGX Chairman stressed that the Exchange is focused not just on attracting large listings, but on ensuring inclusive participation.
“Bringing major companies to the market is only one part of the equation. The other is ensuring that ordinary Nigerians can participate in the opportunities those companies create,” he stated.
He also stated that the Exchange is driving inclusion through its digital platform, NGX Invest, and its expanded distribution network comprising stockbrokers, banks and approved fintech platforms.
“Investors should increasingly be able to participate through platforms they already know and use. As more companies come to market, we want more Nigerians, including younger and first-time investors, to participate in the country’s economic growth through the capital market,” he said.
On attracting more capital from the Gulf region, Dr. Kwairanga said Nigeria must sustain reforms around market accessibility, liquidity and regulatory certainty.
“Gulf investors manage some of the world’s largest pools of long-term capital, and Nigeria presents significant opportunities across financial services, telecommunications, energy, infrastructure and industrial development,” he said.
He identified improved foreign exchange liquidity, T+1 settlement, and the FTSE Russell upgrade as critical confidence-boosting measures, stressing that the next phase is deeper connectivity.
“We need stronger relationships with Gulf sovereign wealth funds, asset managers, family offices and other institutional investors. The opportunity is to build a stronger Nigeria–Gulf investment corridor, connecting significant pools of Gulf capital with credible Nigerian businesses” he noted.
Addressing investor safety in the era of mobile trading, Dr. Kwairanga said technology must be matched with trust.
“The foundation is regulation. Through NGX Regulation, we have independent oversight of the market, surveillance of trading activity, enforcement of our rules and mechanisms for handling investor complaints,” he explained.
Dr. Kwairanga identified three pillars for investor protection: independent regulation, market transparency, and continuous investor education.
“A mobile phone can make it easier to access an investment, but it does not remove investment risk. Technology can widen participation, but trust is ultimately what sustains a capital market,” he said.
