A stockbroker has advised potential investors interested in the ongoing Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO) not to be discouraged by concerns that the offer may be oversubscribed.
Mr David Adonri, Vice President of Highcap Securities, said investors should continue to assess the opportunity based on available information rather than assumptions about the final subscription level.
Adonri spoke in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday.
Oversubscription Concerns Remain Speculative
According to Adonri, the IPO process had not yet been concluded and final subscription figures were not available.
He explained that expectations of oversubscription at this stage remained speculative because the offer was still open and awaiting reconciliation after closure.
“There is no risk in trying. Prospective investors should not be discouraged from subscribing to the ongoing Dangote Refinery IPO because of fears of oversubscription,” he said.
Retail Investors Expected to Receive Priority
The stockbroker encouraged members of the investing public to participate, noting that the issuer had indicated that retail investors would receive priority during the share allocation process.
He said the approach was designed to encourage wider participation and allow more Nigerians to become shareholders in the company.
According to him, broad ownership among retail investors could increase public participation in Nigeria’s capital market.
IPO Described as Investment Opportunity
Adonri described the offering as a significant opportunity for investors to acquire ownership in a major industrial company with potential economic importance for Africa.
He said the IPO provides members of the public an avenue to purchase shares in the refinery at the offer price.
The stockbroker, however, encouraged investors to make decisions based on their personal financial circumstances and investment objectives.
Details of Dangote Refinery IPO
The Dangote Petroleum Refinery and Petrochemicals FZE IPO opened on Sept. 14, 2026, and is scheduled to close on Oct. 13, 2026.
The public offer consists of 4.1 billion ordinary shares priced at N525 per share.
The offer is targeting approximately N2.15 trillion, making it one of the largest capital market transactions in Nigeria.
