Stockbrokers offer safer route to Dangote IPO — Ex-CIS boss
September 13, 2026 10:25 am
Olatunde Amolegbe
By Sami Tunji
A former President of the Chartered Institute of Stockbrokers, Olatunde Amolegbe, has advised Nigerians seeking to participate in the N2.15tn Dangote Petroleum Refinery initial public offering to consider investing through licensed stockbrokers, citing access to professional advice, portfolio management and support in resolving share-related challenges.
Speaking with PUNCH Online on Sunday, Amolegbe, who is the Managing Director and Chief Executive Officer of Arthur Stevens Asset Management Limited, said stockbrokers could help prospective investors open Central Securities Clearing System accounts, purchase shares and manage their investments after allotment.
His comments come as the Nigerian capital market prepares for the Dangote refinery IPO, which seeks to raise N2.15tn, equivalent to about $1.6bn, to finance the refinery’s expansion.
The offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares, for a minimum investment of N5,250. The promoters are targeting about 10 million retail investors.
Speaking on the benefits of participating in the stock market through stockbrokers, Amolegbe said their role extended beyond simply executing an investor’s initial purchase.
“They can open a CSCS account for you directly. If you encounter challenges with your shares, they are the ones that can sort it out for you. If you need to sell your shares or buy more, they are the ones that can do it for you. They are the ones that have been specifically trained to advise on shares and stocks”, he said.
Amolegbe said technological developments had also made stockbroking services more accessible to retail investors, as many brokers now operate electronic trading platforms.
“Most of them have electronic platforms that enable you to buy shares and trade shares without leaving the comfort of your home or office,” he said.
According to him, stockbrokers can also “help you administer and manage your stock portfolio in order to increase your returns while reducing your risks.”
The intervention comes amid expectations that the Dangote refinery listing could significantly alter the size and composition of the Nigerian equities market.
Chairman of the Dangote IPO investor roadshow, Oluwagbenga Oyebode, earlier said the transaction could increase total market capitalisation from about N160tn to approximately N225tn, while deepening liquidity and increasing the energy and downstream exposure of the Nigerian Exchange.
Oyebode said the expected net proceeds of about N2.1tn would be deployed entirely as growth capital to finance the refinery’s next phase of expansion rather than for balance-sheet repair.
He described the Securities and Exchange Commission-approved transaction as the first major public offering under the Investment and Securities Act 2025.
At the IPO investor roadshow in Abuja, President of the Dangote Group, Aliko Dangote, said the relatively low minimum subscription was deliberately designed to encourage participation by ordinary Nigerians.
“The offer price and minimum subscription level is to allow for wider participation as we want every Nigerian to own a piece of this asset. That is why we have called it The IPO for the People,” Dangote said in a message delivered by the Senior Adviser, Special Projects and Strategic Relations to the Group President, Dangote Industries Limited, Fatima Wali-Abdurrahman.
Dangote said the group also wanted investors from across Africa to participate in the offer, adding that it was considering listing in about six other African countries.
Economist and Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, said the IPO could deepen the stock market, mobilise capital for the refinery’s expansion and support import substitution.
Sami Tunji is a Senior Business Correspondent at Punch Newspapers with about five years of experience in data-driven reporting. He covers finance, ICT, and broader macroeconomic issues, combining analytical insight with clear storytelling. Sami’s work reflects strong editorial judgment, professional development, and a commitment to accurate and informative business journalism.
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