The refinery plans to issue 3 billion ordinary shares at $0.35 each, setting the valuation and placing the facility among the most valuable privately held industrial assets in Africa.

Investors have shown strong interest, with indications that demand has already doubled the target before allocation closes.

The minimum entry for investors stands at 1 million shares, costing $350,000. Subscriptions can then rise in blocks of 500,000 shares, while investors will also remain locked in for 365 days after allotment.

The funds will support expansion work, logistics systems, storage capacity, and other corporate needs. The refinery also reveals possible moves into related petrochemical operations, although details are broad at this stage.

The facility, which began production in 2024 after years of construction that cost an estimated $20 billion, processes about 650,000 barrels of crude per day. Output now includes diesel, aviation fuel, naphtha, and premium motor spirit.

Investor appetite has stretched beyond Nigeria as institutional investors and diaspora buyers have shown strong participation. Demand levels suggest oversubscription before the process closes.

Femi Otedola has confirmed plans to invest $100 million, drawing from proceeds linked to his Geregu Power stake sale. His entry adds to the high-net-worth participation in the offer.

The size of the valuation and the level of demand have renewed discussion around a possible future listing. No timeline has been set, but there are expectations that a public offer may follow at some point.

Aliko Dangote has previously indicated interest in listing the refinery on capital markets. The current placement is seen as an early step that could expand ownership ahead of any future initial public offering.

The refinery’s scale already places it at the centre of Nigeria’s energy supply chain. It has reduced dependence on imported fuel and created new export channels. Analysts say this position strengthens its appeal to global investors looking for large infrastructure assets with foreign exchange potential.

The implied valuation exceeds the market value of most listed companies on the Nigerian Exchange when taken individually. This comparison has added weight to discussions about how deep investor appetite could run if a full listing eventually takes place.

The private placement is currently attracting commitments from local and international investors, with the level of demand showing strong confidence in the refinery’s long-term production capacity and its role in regional fuel supply.

Adekunbi Ademiluyi, the Managing Director of HumanManager Limited (HML), a leading HR and Payroll solutions firm has underscored that companies must harness the power of technology in their collaborative efforts to ensure a prosperous future, fostering innovation and growth that benefits all stakeholders.

HumanManager Joins Hands with MIGO to Provide Instant Loans to Employees

While speaking as a panellist at the 12th yearly Conference Investiture of Fellows, Induction of Associates, and Annual General Meeting of the Institute of Capital Market Registrars, held under the theme ‘Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market,’ Adekumbi accentuated the significance of cooperation in building a strong market system.

As the world grapples with interconnected challenges, Ademiluyi stressed the paramount importance of collaboration in achieving success.

Her focus extended beyond the mere utilisation of technological tools, emphasising the exchange of global ideas and strategies for mutual prosperity.

“In the contemporary interconnected global landscape, collaboration is not just an option but a crucial factor for achieving success. It extends beyond the use of technological tools and encapsulates the exchange of worldwide ideas and strategies, collectively harnessed for mutual prosperity. It transcends geographical boundaries, providing a range of perspectives that drive innovation and adaptability. It’s essential to underscore that a thriving market ecosystem depends on stakeholders collaborating to overcome challenges and capitalise on opportunities,” she remarked.

Speaking on HumanManager’s commitment to providing seamless human resource services and improving ROI for its customers, Adekumbi opined that combining expertise is also a necessary driver for social and economic progress.

Companies should therefore be positioned to solve their customers’ complex challenges by combining global market expertise with research, to deliver optimal execution.

“The collaborative utilisation of technology not only promotes economic prosperity but also drives social progress. It creates opportunities for job creation, skill development, and community engagement. By focusing on these intertwined elements, companies can contribute to the well-being of their employees, customers, and the broader society,” she added.

The capital market has undergone substantial changes due to technological evolution, notably with the advent of computerised trading and the subsequent integration of artificial intelligence (AI).

The swift digital transformation has facilitated novel business models, nimble decision-making, and effective resource allocation.

As capital markets continue to evolve, firms must adapt more readily to changing markets and customer needs by investing in advanced technologies to streamline operations and improve decision-making capabilities.

In providing the capital needed for sustainable growth and development, Nigeria can adopt aggressive change management and emerge as efficient and internationally competitive.

The Conference featured notable attendees, including Ade Bajomo, President, FinTechNGR; Seyi Owoturo, President and Chairman of Council, Institute of Capital Market Registrars (ICMR); Hon. Amos Azi, Chairman, of Investment and Security Tribunal; and Catherine Nwosu, 2nd Vice President, ICMR.

Adekunbi Ademiluyi is the Managing Director of HumanManager Limited (HML), a reputable HR and Payroll solutions firm based in Lagos, Nigeria.

With a strong background in HR management, Ademiluyi has consistently highlighted the significance of technology in achieving collaborative success.

Her professional ethos centres on promoting economic prosperity and social progress through the strategic implementation of technology.

The theme was, “The interplay between capital markets and economic growth: exploring the dynamic relationship”.

In his speech, Bukar highlighted the critical role that capital markets play in economic development. He noted that capital markets provide businesses with access to long-term capital, which is essential for expansion and investment. Capital markets also create job opportunities and foster wealth creation.

Bukar also discussed the challenges facing the Nigerian capital market, such as a lack of investor confidence, inadequate regulatory framework, low liquidity, infrastructure deficiencies, volatility and risk, limited access to capital, information asymmetry, foreign exchange controls, macroeconomic factors, political and security risks, and market depth.

Bukar provided policy recommendations to catalyze opportunities in the Nigerian capital market. He recommended that the government implement policies to increase the level and size of market capitalization in the capital market, promote financial literacy, and improve the regulatory environment.

Speaking during her welcome address, the host of the 39th edition and President and Chairman of the Council of the Nigerian Institute of Management Chartered (NIM), Dr. (Mrs.) Christiana V.N. Atako, reiterated the importance of the capital markets in Nigeria’s economic prosperity and the need for Nigeria to improve its economic growth through the pillars of sustainable growth: knowledge, investment, innovation, job creation, infrastructure provision and economic stability.

Mrs. Taiwo Ganiyat Olusesi, the Institute’s Registrar and Chief Executive, averred that the theme, focused on nuanced interrelation between capital markets and economic development, is profoundly relevant and pivotal in today’s age marked by swift technological progress, changing geopolitical undercurrents, and adaptive financial terrains.

“Often referred to as the pulsating heart of our economy, capital markets serve as essential pathways, directing savings and investments from capital providers, such as individual and institutional investors, to capital consumers including businesses, governments, and the general public. These markets stand as gauges of our economic vigor, mirrors of our assurance, and indicators of our prospective growth. The profound positive influence of Dr. Michael Omolayole, in whose honor the Lecture is organized, cannot be overemphasized. His significant contributions to globally renowned institutions and his visionary leadership remains our beacon”, Mrs. Olusesi stated.

In her speech, co-host and President of the AIESEC Alumni Nigeria, Olubunmi Abejirin, emphasized the role of the capital markets in well-regulated markets as the life-blood of the economy and champion for innovation, commerce, infrastructure development, financial inclusion and job creation.

She averred that within the current context of a depreciating Naira, inflation, mounting external debts, and rising fuel costs, there is no better moment for a deeper functioning of the capital markets than now, to intensify investments.

She also emphasized the connection between the lecture series and Dr. Omolayole’s vision of fostering excellence in management and business leadership.

According to Dr. Omolayole, the AIESEC Alumni President, has shown his nation-building capacity by continuously spearheading programs and initiatives that have propelled our indigenous leadership and management economy to greater heights.

“He is proof of the high regard the corporate world as a collective hold for Dr. Omolayole, with the collaboration between the NIM, LCCI, NECA, and CIPM for almost a decade, enabling key stakeholders of high intellectual capacity to analyze and recommend new ideas to benefit the business and economic development of our country.”

The Omolayole Management Lecture Series (OML) honors the legacy of Dr. Michael Omolayole, a pioneering business leader and management icon who was the first Nigerian Chairman/Managing Director of Lever Brothers Nigeria Plc. (now Unilever Nigeria Plc.).

His unparalleled achievements include being the only African to serve on the Board of Advisors of AIESEC International in Brussels.

The OML lecture had in attendance, captains of industries, CEOs of top corporations, management gurus, related government agencies, and financial institutions, and other guests from various sectors of the economy.

The 39th Omolayole Management Lecture Series was hosted by the Nigerian Institute of Management (NIM), in collaboration with the Lagos Chamber of Commerce and Industry (LCCI); Chartered Institute of Personnel Management (CIPM), Nigeria Employers’ Consultative Association (NECA), Omolayole and Associates, and AIESEC Alumni Nigeria (AAN).

Speaking at the “Green and Sustainability Bond” workshop in Lagos, Mr. Temi Popoola, the Chief Executive Officer, NGX, said the limited flow of climate finance remains a major issue for the implementation of mitigation and adaptation actions in Africa, particularly Nigeria.

He said the Exchange in 2016 conceptualized and developed the Green Bond Product Paper, which was embraced and championed by the Debt Management Office (DMO) and the Federal Ministry of Environment in recognition of the climate finance needs, particularly in Nigeria, and the urgent action required to combat climate change and its impact as enshrined in the Paris Agreement on Climate Change.

According to him, “This endeavour resulted in the issuance of the first N10.69 billion or about $25.8 million 5-year green bond in 2017 to fund renewable energy development projects. This followed the Federal Government of Nigeria’s ratification of the Paris Climate Agreement, which necessitated the need for long-term financing to meet Nigeria’s NDCs in lowering greenhouse gas emissions.”

He said the bourse in its collaboration with internationally recognized organizations such as the IFC is targeted at sharing valuable green finance experiences and best practices, as well as promoting the development of sustainable finance market segments for supporting the government, policymakers, regulators, financial market participants, domestic and international thought leaders, investors, and other market stakeholders.

He expressed that the management of the Exchange is committed to promoting the development of long-term financial solutions that take into account the financial risks and possibilities posed by climate change.

Kalim Shah, the Senior Country Manager, IFC,  said the corporation is partnering with NGX on sustainable financial products in the capital market and country at large.

He noted the MoU signed with Exchange targeted at facilitating knowledge sharing with capital market stakeholders on green social and sustainability.

He disclosed that IFC has invested more than $10billion in green bonds globally since 2010 across 178 bonds in 20 currencies.

Dr. Iniobong Abiola-Awe, the Director, Department of Climate Change, Federal Ministry of Environment, who was representing Mohammed Abdullahi, the Minister of environment,  reiterated President Muhmmadu Buhari’s commitment to reaching net zero emissions by 2060.

She called on market stakeholders to think of innovative ways of financing key green bond projects in order to tackle climate change issues in the country.