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Aigboje Aig-Imoukhuede, Chairman of Coronation Group, says the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will deepen Nigeria’s capital market and support economic growth.
A statement signed on Tuesday by Aig-Imoukhuede, chairman, Coronation Group after the Opening Gong Ceremony and Facts Behind the Offer Presentation at the Nigerian Exchange (NGX), described the IPO as a landmark moment for Nigeria and Africa’s capital market.
He said the IPO demonstrated the market’s capacity to mobilise capital for large-scale productive enterprises.
According to him, the offer will broaden participation in wealth creation by giving Nigerians and other investors an opportunity to own stakes in a major African industrial enterprise.
He said the development underscored the wider role of capital market in economic development beyond providing financing for businesses.
Imoukhuede said the Dangote initiative had demonstrated how the capital market could support the growth of national and continental economies.
“Aliko Dangote has consistently championed a capital market where Nigerian companies could grow while the prosperity created by African businesses is shared more broadly.
“Vision attracts capital, governance preserves capital, and talent and execution compounds capital,” Aig-Imoukhuede said.
Governor Babajide Sanwo-Olu of Lagos State, was also quoted in the statement as describing the offer as a significant development for Nigeria and Africa.
“The IPO demonstrates Africa’s growing capacity to mobilise and deploy capital for its own economic development.
“Today, we are witnessing a company that is changing the landscape of what is possible in Africa.
“We are demonstrating once again that Africa can finance and invest in Africa,” he said.
The statement also quoted Aliko Dangote, the President and Chief Executive Officer of Dangote Industries Ltd. as saying that the offer would widen participation in Nigeria’s capital market.
Dangote said the initiative would enable more Nigerians and African investors to participate in the value created by leading African businesses.
“We want to share prosperity more broadly with our people. That is the ideal we are working towards,” he said.
He said he had remained committed to the transformation and democratisation of the Nigerian Exchange.
Dangote commended Imoukhuede’s contributions toward making the capital market more accessible to citizens.
“The offer provides investors and members of the public with an opportunity to participate in the growth of the Dangote Petroleum Refinery and Petrochemicals FZE.
“The development is also expected to strengthen the ability of Nigeria’s capital market to attract domestic and international investment into productive sectors of the economy.
“It could encourage more Nigerian businesses to access the capital market, creating additional avenues for financing expansion, investment and job creation,” Dangote was quoted in the statement as saying.
The statement said that the opening of the IPO highlighted the increasing role of Nigerian investors in financing major enterprises and supporting the country’s long-term economic transformation.
It advised prospective investors to study the offer documents carefully, understand the applicable terms and risks, and assess the investment before subscribing.
Source: News Agency of Nigeria (NAN)
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