Dangote’s reputation will drive refinery N2.15tn IPO – NIPR - Punch Newspapers

NIPR President, Dr Ike Neliaku, presenting a membership certificate to one of the newly inducted members in Abuja on Friday... Photo Credit: Adebayo Folorunsho-Francis

The Nigerian Institute of Public Relations has projected that the planned Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals FZE will be oversubscribed, attributing the expected investor appetite to the confidence and trust built around the reputation of the company’s founder, Aliko Dangote. The NIPR National President, Dr Ike Neliaku, made the projection in Abuja on Friday at the institute’s 3rd Quarter Induction of new members. Neliaku, who was speaking on the importance of knowledge, information, reputation and trust in the public relations profession, cited the Dangote Refinery as an example of how reputation could 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. Yesterday, I was discussing with the chairman of one of the leading airlines in Nigeria, and he gave me an instance. He said, at the time Dangote began the narrative about the refinery, he could tell that he didn’t have $1 billion anywhere in the bank waiting. “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. “If it was some other name that was attached to that refinery, it may not get off the ground. But because of the trust in that name, organisations began to invest in it. And today it is a success.” Neliaku emphasised the importance of personal reputation, noting that a person’s past reputation influences how they are perceived in the present and can shape their prospects. According to him, reputation builds trust, which is essential for attracting investment and winning public confidence. He cited Dangote as an example of this, saying the businessman’s reputation and track record had created confidence that could drive strong demand for the Dangote Refinery shares when the offer opens. The Dangote Petroleum Refinery and Petrochemicals FZE is scheduled to open what has been described as Africa’s largest-ever IPO on September 14, 2026, offering Nigerians an opportunity to acquire equity in the refinery. Herbal drinks: Ondo death toll rises to 27 as govt begins crackdown Crude hits $107, fresh petrol price hike looms Dangote IPO: Rewane projects $600bn as IPMAN backs refinery Dangote Group Chief Executive Officer, Aliko Dangote, signed the offer documents at a ceremony at Eko Hotels and Suites, Victoria Island, Lagos, on September 7, alongside advisers and issuing houses managing the offer. The offer comprises 4.1 billion ordinary shares priced at N525 per share, with the company targeting about N2.15tn to part-fund an expansion that would nearly double the refinery’s capacity from its current 700,000 barrels per day to 1.4 million barrels per day. Dangote said the low entry threshold was deliberately designed to enable ordinary Nigerians, including drivers, cooks and domestic staff, to become shareholders, describing the offer as “the IPO for the people.” Neliaku, however, argued that the refinery’s development illustrated the role of reputation in mobilising confidence and capital for ambitious projects. He also stressed that public relations practitioners had a responsibility to build relationships and networks, saying reputation was a critical asset in both professional and public life. The NIPR president also used the occasion to challenge Nigerians who consistently portray the country in negative terms, arguing that citizens had a responsibility to contribute to solving the nation’s problems. He said, “There are some people who would open their mouth and say that there is nothing good in this country. I was with one of them one day, and he said, Dr Neliaku, there is nothing good about this country. I said, ” Really? Does that include you? He said, ” No. That’s not what I mean. “I replied, but you said there is nothing good in this country. And you are a Nigerian. I said, I’m sorry to disappoint you because you are also part of the problem.” Neliaku’s projection comes amid growing expectations around the refinery’s planned share sale and its potential impact on Nigeria’s capital market and wider economy. Two days before the NIPR event, the Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, projected that Nigeria’s economy could expand to $600bn by 2030, driven by increased private-sector investment and the multiplier effects of major industrial projects such as the Dangote Refinery. Adebayo Folorunsho-Francis The PUNCH journalist, Adebayo, has over 20 years of experience covering politics, health, metro, entertainment and properties

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