Peter Obi Backs Dangote Refinery IPO, Urges Nigerians to Participate in Share Offer

Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), has expressed support for the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals, urging Nigerians to consider participating in the share offer.

Obi made the statement in a post on his X account on Wednesday, saying Nigerians in the country and abroad had asked for his position on the ₦2.15 trillion IPO.

He said he was encouraging those who had sought his opinion to buy shares, while praising Aliko Dangote’s investment in Nigeria’s real economy and industrial sector.

Obi said the refinery represented an example of large-scale private investment in productive activities and argued that Nigerians should have opportunities to participate in the ownership of major businesses through public offerings.

The former Anambra State governor also encouraged other Nigerian companies operating in productive sectors to consider offering shares to the public, saying wider local ownership could contribute to the country’s re-industrialisation.

“This validates my position that we should move Nigeria from consumption to production,” Obi said.

The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion ordinary shares offered at ₦525 per share. The minimum subscription is 10 shares, valued at ₦5,250, according to the Nigerian Exchange.

The offer, valued at about ₦2.15 trillion, is scheduled to close on October 13, 2026, subject to the terms of the prospectus. It is open to retail, institutional and eligible African investors.

Obi’s comments come as the refinery’s public offering attracts attention from investors and business stakeholders, with the Nigerian Exchange describing it as the first petroleum refinery to be offered to investors on the Nigerian stock market.