Dangote’s reputation to drive N2.15trn IPO — NIPR

The President of the Nigerian Institute of Public Relations (NIPR), Dr Ike Neliaku, has expressed confidence that the planned initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will be oversubscribed, citing investors’ confidence in the reputation of its Chairman, Aliko Dangote.

Neliaku made the projection on Friday in Abuja at the NIPR’s 2026 third-quarter induction of new members.

Speaking on knowledge, information, reputation and trust in public relations, he cited the Dangote Refinery as an example of how reputation can influence investment decisions.

He said: “Today, Dangote Refinery is selling its shares to raise several billions. Guess what may happen? The shares may be oversubscribed.

“Yes, we say there is no money in Nigeria. But you will see that the shares will be oversubscribed. That is because people have seen him demonstrate that it is doable. So there is trust in him.”

Neliaku said the chairman of a leading airline had told him that Dangote did not have $1 billion in the bank when he started the refinery project but had the idea, knowledge and reputation to attract investment.

“But he had the idea, information, knowledge and was able to put his personality and reputation in the market on the line. His reputation could be trusted,” he said.

He added: “If it was some other name that was attached to that refinery, it may not get off the ground. But because of the trust of that name, organisations began to invest in it. And today it is a success.”

The NIPR president stressed that personal reputation could shape public perception and prospects while building the trust required to attract investment.

He urged public relations practitioners to build strong relationships and networks, describing reputation as a critical asset.

Neliaku also challenged Nigerians who portray the country negatively, urging citizens to contribute to finding solutions to the nation’s challenges.

“There are some people who would open their mouth and say that there is nothing good in this country,” he said.

His projection came amid expectations over the planned refinery share sale and its potential impact on the capital market and the economy.

Two days earlier, the Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, projected that Nigeria’s economy could expand to $600 billion by 2030, driven by private-sector investment and the multiplier effects of projects such as the Dangote Refinery.

Dangote Petroleum Refinery and Petrochemicals FZE is scheduled to open its IPO on September 14, 2026, with Nigerians offered equity in the refinery.

Dangote Group Chief Executive, Aliko Dangote, signed the offer documents on September 7 at Eko Hotels, Victoria Island, Lagos, alongside advisers and issuing houses.

The offer comprises 4.1 billion ordinary shares at N525 per share, targeting about N2.15 trillion to fund expansion that would increase the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day.

Dangote said the low entry threshold was designed to enable ordinary Nigerians, including drivers, cooks and domestic staff, to become shareholders, describing it as “the IPO for the people.”