The offer, which commenced on September 14, 2026, comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares. The Securities and Exchange Commission (SEC), which approved the offer, has advised prospective investors to subscribe through officially designated channels.
The public offer has generated considerable interest because of the size and strategic importance of the Dangote refinery, as well as its potential implications for Nigeria’s capital market and the wider industrial economy.
Speaking against the backdrop of the growing interest in the offer, Ojugbana said the development should be viewed within the broader context of expanding opportunities for Nigerians to participate directly in productive enterprises.
According to him, wider share ownership in major indigenous companies could help deepen capital ownership, strengthen financial inclusion and create opportunities for long-term wealth creation as Nigerian businesses expand their operations domestically and across Africa.
Ojugbana, who has more than five decades of experience in business development, management consultancy, training and institutional development, said Nigerians should remain attentive to credible investment opportunities emerging from major indigenous enterprises.
As the Founder and Chairman of MADEC Associates, he has worked with public institutions, multinational corporations and indigenous businesses on management development, capacity building, institutional strengthening and enterprise growth.
He said investment decisions, however, should be guided by individual financial circumstances, proper assessment of risks and clearly defined long-term objectives.
“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 comments are in line with a similar caution issued by the Emir of Kano, Muhammadu Sanusi II, who has encouraged Nigerians interested in the Dangote offer to participate within their means while maintaining a long-term outlook.
Sanusi also warned prospective investors against selling their homes or diverting money meant for their children’s education to purchase shares, stressing the importance of responsible investment decisions.
The Dangote refinery offer has attracted particular attention because of the scale of the underlying project. The company has described the transaction as an “IPO for the people”, with the stated objective of broadening ownership of the refinery while raising capital to support the expansion of its refining capacity.
The refinery currently has a stated capacity of 700,000 barrels per day, with the company planning to increase this to 1.4 million barrels per day.
The planned expansion has implications beyond the capital market, given the refinery’s position within Nigeria’s energy and industrial landscape. Increased refining capacity could potentially affect domestic petroleum-product supply and the country’s broader industrial value chain, although the precise economic outcomes will depend on a range of operational and market factors.
For investors, however, Ojugbana stressed that the size or prominence of an enterprise should not replace careful evaluation of an investment.
He urged prospective shareholders to conduct appropriate due diligence, understand the fundamentals of the company and consider the risks associated with equities before committing their funds.
He also encouraged Nigerians to examine future investment opportunities in the Dangote Group and other established indigenous companies where such opportunities are formally offered and where the investments are compatible with their personal financial circumstances and long-term goals.
The Dangote Petroleum Refinery and Petrochemicals IPO is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the official offer documents.
Prospective investors have been advised to rely on the official offer documentation and approved subscription channels when considering participation in the offer.