Chief Ojugbana weighs in on Dangote IPO, urges Nigerians to embrace opportunities responsibly

Revered nobleman and elder statesman, Chief F.E. Ojugbana has described the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering, IPO, as a significant development for Nigeria’s capital market and an opportunity for Nigerians to participate in the country’s expanding private-sector industrial base.

The IPO opened on September 14, offering 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares. The Securities and Exchange Commission, SEC, approved the offer and advised prospective investors to subscribe only through officially designated channels. (SEC Nigeria)

Speaking on the growing public interest in the offer, Ojugbana said it reflected a broader opportunity for Nigerians to become shareholders in productive enterprises contributing to the country’s industrial development.

With more than five decades of experience in business development, management consultancy, training and institutional development, Ojugbana brings extensive expertise to discussions on investment and wealth creation. As Founder and Chairman of MADEC Associates, he has worked across the public and private sectors, advising government institutions, multinational corporations and indigenous businesses on management development, capacity building and enterprise growth.

He said Nigerians should pay attention to further credible investment opportunities within the Dangote Group and other major indigenous enterprises, provided such investments align with their financial circumstances and long-term objectives.

The Dangote Refinery offer has attracted attention because of the scale of the project. The company has described it as an “IPO for the people”, aimed at broadening ownership while raising capital to expand refining capacity from 700,000 barrels per day to 1.4 million barrels per day.

Ojugbana, however, urged prospective investors to approach the offer with financial discipline, noting that equities carry risks.

“Investment should be approached with optimism, but also with discipline. Opportunities will come, and where the fundamentals are understood and the investment suits your circumstances, Nigerians should be prepared to participate. But you invest what you can afford. You do not jeopardise your home, your children’s education or your immediate responsibilities in pursuit of an investment return,” he said.

His advice echoes that of the Emir of Kano, Muhammadu Sanusi II, who encouraged participation in the Dangote IPO but warned investors not to sell their homes or use their children’s school fees to buy shares. Sanusi advised prospective shareholders to invest manageable amounts and adopt a long-term perspective.

Ojugbana said wider ownership of major Nigerian enterprises could promote financial inclusion, capital ownership and long-term wealth creation as indigenous companies expand across Nigeria and Africa. He also urged investors to conduct due diligence and understand the risks before subscribing.

The Dangote Refinery IPO is scheduled to close on October 13, 2026, subject to the terms contained in the offer documents. (The IPO for the People)