Temi Popoola, CEO of Nigerian Exchange Group Plc, says he is "optimistic" that confidential talks under way with multiple companies will yield "some good listings" from next year. He argues the narrative on local capital raising is shifting, pointing to Dangote Petroleum's planned float. "Before now, people would ask, 'Is there ability to raise capital in Nigeria?' Now, here is a $50 billion market-cap company that's just about to change the narrative," he said. The offering is targeting up to $2.1 billion, with outreach aimed at 10 million investors across more than 55 distribution channels.
Across the last ten years, two recessions, repeated devaluations and foreign exchange restrictions kept listings scarce and thinned Nigeria's IPO roster. There were standouts: Skyway Aviation Handling Company Plc listed in 2019 by selling 1.22 billion naira, or $916,000, of existing shares; Airtel Africa Plc joined the Lagos bourse that year while keeping London as its primary listing; and MTN Group Ltd.'s local unit listed by introduction before a 2021 public offer of existing shares.
Since 2023, reforms that removed a costly fuel subsidy and liberalized the foreign exchange market have helped steady the naira. In dollar terms, Nigeria's benchmark stocks index is up 72 percent, the strongest performance among gauges tracked by Bloomberg.
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The Dangote sale is also a live test of market infrastructure. On Sept. 14, when applications opened, the rush for shares overloaded Nigerian investing apps. Separately, the exchange said it used the refinery IPO as an opportunity to upgrade its technology, and counterparties - among them Central Securities Clearing System Plc, the country's main settlement utility - also boosted their systems.
NGX, CSCS, brokers, registrars, and payment providers established a unified command center and additional situation rooms to manage the complexity. "What we are focused on is an orderly price discovery and we are focusing on measures that ensure that liquidity deepens over time for broader investor access, settlement and others," Popoola said. "We have invested in technology, people, software and stronger partnerships, both in the pre-, in the trading and post-trading, in all of our ecosystem."
Popoola said the exchange is working on prospective listings from energy, technology and state-owned companies, without naming names. One target is OPay Digital Services Ltd., backed by SoftBank Group Corp. and HSG - the China arm of Sequoia Capital that split from the parent in 2023. The digital payments leader, with more than 50 million monthly active users, is weighing a follow-on listing on the Nigerian bourse once an IPO in the US is wrapped up and, in parallel with a private placement alongside Standard Bank Group Ltd., aims to raise about $500 million, according to people familiar with the matter. Separately, on Oct. 13, Bayo Ojulari, CEO of Nigerian National Petroleum Co., reported that the government-owned company is moving ahead with its listing plans.
There is still competition for capital. "There's so much competition now," Popoola said, noting companies may choose private placements, rights issues or debt instead of IPOs, and that "one transaction like this does not necessarily cure some of the structural issues." Even so, the exchange said it had over 6 million retail investors in 2025, and Popoola cast the Dangote Petroleum sale as "more than a listing" because it broadens access and helps the bourse stake its claim as a continental capital-raising venue. "We're not saying that with this one transaction we have reached uhuru, but it does prove we are going in the right direction," he said. For your portfolio, that points to a deeper local market, a busier listings calendar and, over time, more liquid ways to play Nigerian growth.
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