The Nigerian equities market staged a powerful rebound last week, generating over N4.57 trillion in capital gains for investors on the Nigerian Exchange Limited (NGX). The surge defied analyst expectations of liquidity tightening triggered by the concurrent N2.2 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
Market Capitalisation Surged by N4.57 trillion to close at N162.31 trillion. All-Share Index (ASI): Advanced significantly to reverse earlier losses from portfolio realignments. In an offer that stays open from September 14 – October 13, 2026.
​The strong performance came as a surprise following a period of profit-taking, where institutional and retail investors sold down existing equities to raise liquidity for the historic 4.1-billion-share offering priced at N525 per share. Instead, bargain hunting across tier-1 banking, energy, and telecom sectors reignited bullish momentum.
​Speaking at the commencement of the offer on the NGX trading floor in Lagos, Aliko Dangote, President and CEO of Dangote Group, noted:
​”This listing marks a pivotal transition to broad-based public ownership. The appetite demonstrated across both domestic retail platforms and international institutional channels underscores deep confidence in Nigeria’s industrial production and energy self-sufficiency.”
​Highlighting the structural impact on the market, Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, added in an official statement:
​”The successful launching and liquidity resilience on the NGX demonstrate how regulatory reforms under the Investments and Securities Act are converting scale private investments into capital market depth, expanding total market capitalisation toward transformative levels.”
​Commentator and market strategist Samuel Oyekanmi, Head of Research at Norrenberger Financial Group, stated during a market analysis session:
​”While initial expectations pointed toward portfolio diversion into the Dangote IPO, the broader market absorbed the supply shock gracefully. Investors recognized deeply discounted valuations across blue-chip stocks, resulting in dual-track capital deployment into both the primary offer and secondary market equities.”
​Analysts expect market liquidity to remain robust as dual tailwinds, high subscription volumes for the Dangote IPO and index rebalancing ahead of Nigeria’s FTSE Russell Frontier Market inclusion, continue to draw both domestic and foreign capital back into the equities space.
