Africa

NIPR: Dangote’s reputation could make N2.15trn refinery IPO oversubscribed

Dangote Refinery’s N2.15trn IPO opens September 14 as NIPR President Ike Neliaku says the offer could attract strong investor demand.

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ABUJA — The planned N2.15 trillion initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE could attract strong demand from investors because of the reputation and track record of its Chairman, Aliko Dangote, according to the Nigerian Institute of Public Relations (NIPR).

NIPR President, Dr Ike Neliaku, gave the assessment on Friday in Abuja during the institute’s 2026 third-quarter induction of new members.

Speaking about the relationship between knowledge, information, reputation and trust in public relations, Neliaku pointed to the Dangote Refinery as an example of how confidence in an individual or organisation can influence investment.

“Today, Dangote Refinery is selling its shares to raise several billions. Guess what may happen? The shares may be oversubscribed,” he said.

“Yes, we say there is no money in Nigeria. But you will see that the shares will be oversubscribed. That is because people have seen him demonstrate that it is doable. So there is trust in him.”

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Neliaku recalled a conversation with the chairman of a leading airline, who told him that Dangote did not have $1 billion in the bank when he embarked on the refinery project.

According to him, Dangote’s idea, knowledge and reputation helped attract the investment necessary to develop the massive project.

“But he had the idea, information, knowledge and was able to put his personality and reputation in the market on the line. His reputation could be trusted,” he said.

Neliaku argued that the identity and credibility associated with the Dangote name played a significant role in attracting investors.

“If it was some other name that was attached to that refinery, it may not get off the ground. But because of the trust of that name, organisations began to invest in it. And today it is a success,” he added.

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The NIPR president said reputation was a critical asset capable of shaping public perception, building confidence and creating opportunities for investment.

He encouraged public relations practitioners to develop strong professional relationships and networks, stressing the importance of trust in building lasting reputations.

Neliaku also urged Nigerians to avoid narratives that portray the country as having nothing positive to offer and instead participate in efforts to address its challenges.

“There are some people who would open their mouth and say that there is nothing good in this country,” he said.

His comments come ahead of the planned IPO of the Dangote Refinery, which is expected to have implications for the Nigerian capital market and broader economy.

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Financial Derivatives Company CEO, Bismarck Rewane, had two days earlier projected that Nigeria’s economy could reach $600 billion by 2030, with private-sector investment and the multiplier effects of projects such as the Dangote Refinery contributing to the expansion.

The Dangote Petroleum Refinery and Petrochemicals FZE IPO is scheduled to open on September 14, 2026.

The offer consists of 4.1 billion ordinary shares priced at N525 each, with the company targeting about N2.15 trillion to finance expansion.

The proposed expansion would increase the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day.

Aliko Dangote signed the offer documents on September 7 at Eko Hotels, Victoria Island, Lagos, alongside the company’s advisers and issuing houses.

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Dangote said the offer was structured with a low entry threshold to enable ordinary Nigerians, including drivers, cooks and domestic staff, to own shares in the refinery.

He described the offering as “the IPO for the people.”

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