Why Dangote Refinery IPO is successful — Petroleum minister

Minister of State for Petroleum Resources, Heineken Lokpobiri, attributed the success of the Dangote Petroleum Refinery initial public offering to the Federal Government's deregulation of the petroleum sector. Speaking at a National Summit in Abuja, Lokpobiri explained that the deregulation has enabled private-sector participation and contributed to Dangote Refinery becoming a major player in the downstream oil sector.

He noted that the government's decision to deregulate the sector helped NNPC no longer import any refined products, as NNPC is also a shareholder in the Dangote Refinery. The IPO, which opened on September 14, includes 4.1 billion ordinary shares at N525 per share, aiming to raise N2.15tn. The minister expressed optimism that the offer would be oversubscribed and linked the absence of fuel queues since 2023 to the reforms in the petroleum sector.