The Dangote Refinery Initial Public Offering (IPO) will allow eligible investors from other African countries to participate, subject to approval from their respective local regulators, Vetiva Group Managing Director and Chief Executive Officer, Chuka Eseka, has said.
Eseka disclosed this on Monday after the signing ceremony for the refinery’s IPO at the Eko Convention Centre in Lagos, explaining that the offer’s prospectus provides a framework for non-Nigerian investors to participate where applicable regulatory requirements are met.
He said the structure of the offer was designed to widen participation in the ownership of the refinery while complying with regulatory requirements governing securities issuance.
“Every single Nigerian or African has the infrastructure to participate and the regulatory approvals to participate,” Eseka said.
He explained that participation by investors outside Nigeria would depend on the rules of their respective jurisdictions.
“You know the issuance of security is regulatory driven,” he said. “So if a non-Nigerian in an African country wants to invest and the regulator permits, all those arrangements will be possible for them to participate in this market.”
Eseka said the prospectus provides a platform for investors in other African countries to participate, provided their local regulators approve the investment.
“The prospectus issued provides that platform for other non-Nigerians in other African countries to participate in so far as their local regulator permits them,” he said.
Eseka said Nigerians would also be able to subscribe digitally once the offer opens, subject to final regulatory approval, with access expected through banking apps, fintech platforms and mobile-money operators.
The Vetiva CEO also described the IPO as a significant development for Nigeria’s capital market, saying the offer was structured to broaden participation in the ownership of the refinery.
“The offering will be the largest single listed company on the NGX on successful listing,” Eseka said.
He added that Nigerians would be able to subscribe through digital banking and fintech platforms once the offer opens, subject to final regulatory approval.
The Dangote Refinery IPO involves 4.1 billion ordinary shares priced at N525 per share.
Ademide Adebayo
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