AMEYN 👳

IG:@iam__ameyn

اللهم جعل امي و ابي من الذين لا خوف عليهم ولا هم
يحزنون🙏 #Agriculturist🌱#Fudmite#

[AMEYN 👳 @Ameyn0]

The Face My Heart❤

[MS Ingawa @MSIngawa]

80% of people who participated in the Dangote Refinery IPO did it for the sake of joining the band.

Few days and they will be checking their dashboard like crypto waiting for profit to dispose.

Welcome to real stock marketing….😁😁

[RFI Hausa @RFI_Ha]

Wannan kamfani ba namu ne mu kaɗai ba na mutane ne - Aliko Ɗangote

[Abdurrahman Aliyu @abdrhm_aliyu]

A shekarar 2019, lokacin da Professor Isa Ali Pantami ya zama Ministan Sadarwa, kuɗaɗen shiga da ake samu daga fannin ICT na Gwamnatin Tarayya sun tashi daga ₦51.3bn zuwa ₦408.7bn a kowane kwata zuwa shekarar 2022, ta hanyar harajin ICT da sayar da spectrum.
Gombe ta malam ce🙏

[Bashir Ahmad, OON @BashirAhmaad]

Honestly, Bamboo, Afrinvest and other fintech platforms don’t seem adequately equipped to handle this volume of engagement. I managed to complete my own, but when I tried to do the same for my daughter, Fatima, every attempt failed.

This is a wake-up call. Many users are clearly struggling to complete their transactions.

They should fix it.

[Adam Muhammad Mukhtar @EngineerAdam123]

Ga dukiyar mu... 😂🙆

[Imran Muhammad @Imranmuhdz]

I don’t want anybody to call me the richest man in Africa again, I want to be called the wealthiest man in Africa so that I can create wealth for others.

- Aliko Dangote

[Bashir Ahmad, OON @BashirAhmaad]

That is it. 🤣🤣🤣

[Typical Aboki @Proud_Aboki]

Inna lillahi wa inna ilayhi raji’un.

How can a child so young carry so much pain in her little heart?

An 8-year-old woke up in the middle of the night… crying to Allah about the pain in her little heart. 💔

Ya Allah, ease her worries and fill her life with peace. Ameen.

[MS Ingawa @MSIngawa]

If global refining margins decline, earnings could fall significantly, potentially causing the market to reassess the company’s valuation and push the stock below its IPO price.

4. My Final Take

The Dangote Refinery IPO could be transformative for the NGX. It will introduce a large and globally significant downstream energy company into Nigeria’s capital market and could attract a new class of institutional, international and retail investors from across Africa and the world.

However, I see Dangote Refinery at N525 per share primarily as a long-term investment rather than a short-term trading opportunity.

The real opportunity may emerge after the initial IPO excitement subsides and the market begins to value the company based on sustainable earnings, cash flows, refining margins, operational efficiency and long-term growth rather than IPO hype.

5. Recommendation

Subscribe to the Dangote Refinery IPO for investment purposes, not for trading.

Those considering the IPO should ideally have a 24–36 month or longer investment plan and be prepared for significant volatility during the early years of its life as a publicly traded company because there may be many turbulences, tornadoes, eruptions and tsunamis along the way.

The Dangote Refinery story is potentially one of the most exciting long-term investment stories in Nigeria. But the key question is not whether Dangote Refinery is important because it clearly is. The real question is whether N525 adequately compensates investors for the risks they are taking and the sustainable earnings the company can generate over the long term.

MS Ingawa
September 10, 2026

[MS Ingawa @MSIngawa]

The Dangote Refinery IPO and the Rise of New Stock Investors in Nigeria’s Stock Market

By MS Ingawa

The Nigerian Exchange (NGX) is witnessing an unusual attention and activity following the announcement of the much-anticipated Dangote Refinery IPO, scheduled to open on September 14 and close on October 13, 2026, with trading expected to commence around November.

The offer comprises 4.1bn shares at N525 per share, targeting approximately N2.15 trillion ($1.63bn). At the offer price, the refinery is being valued at roughly N63 trillion, or about $49 billion.

The IPO has already generated significant interest, with some existing investors reportedly disposing their portfolios while a new wave of investors is mobilising funds to participate in what could become one of the biggest IPOs in Nigeria’s capital-market history.

1. Oil and Gas Stocks and the Upstream Advantage

The oil and gas sector has recently been among the strongest-performing segments of the NGX, with weekly performance of about 9.10%. Companies such as Aradel, Oando and Seplat have particularly benefited from their upstream exposure and integrated business models.

The economics of upstream oil and gas are relatively straightforward, higher crude prices generally translate into higher revenue per barrel, stronger cash flows, improved earnings and potentially higher valuations and dividends as long as the company operates within global practices.

My experience working closely with Aradel since its ND days has reinforced my view that its integrated business model is one of its greatest strengths. Its performance is not dependent solely on refining, which can be highly volatile. Aradel’s refinery, despite its 11,000 barrels-per-day nameplate capacity, has historically operated below full capacity because of factors including crude availability and refining economics.

This demonstrates an important reality: large refining capacity does not automatically guarantee high profitability.

2. Dangote Refinery: A Game Changer

The Dangote Petroleum Refinery is undoubtedly one of the most strategically important developments in Nigeria’s oil and gas industry. It is increasingly evolving beyond a refinery into an integrated downstream, midstream and petrochemical hub with significant domestic and international potential.

Its scale, export potential, domestic market position and ability to influence Nigeria’s petroleum-product supply chain are major reasons investors are attracted to the IPO.

However, investors must distinguish between the strategic importance of the refinery and the attractiveness of its share price.

Unlike upstream companies, refining profitability depends on several variables, including crude prices, product margins, geopolitical developments, supply availability, domestic demand, foreign exchange, operational efficiency and refinery utilisation.

Consequently, refining earnings can rise dramatically during periods of tight global supply and strong margins but fall significantly when market conditions normalise.

3. Valuation and Profitability

At N525 per share, Dangote Refinery’s implied valuation of approximately $49 billion is substantial, particularly for a relatively new refining business.

The company reportedly recorded a $476 million net loss in 2025, before making a dramatic turnaround with approximately $1.82 billion profit after tax in the first half of 2026.

The turnaround demonstrates the refinery’s enormous earnings potential, but it also highlights the cyclical nature of refining. The exceptional improvement has occurred during a period of tight global refining capacity and elevated refining margins linked partly to geopolitical disruptions, including the Iran/Middle East conflict.

Therefore, investors should be careful about assuming that the current level of profitability will continue indefinitely.

1/2

[AMEYN 👳 @Ameyn0]

@ashirualhajiyau @MSIngawa @ProfIsaPantami Share with others

[Bashir Ahmad, OON @BashirAhmaad]

History was made in Kano yesterday as the Kano Emirate Council staged its first-ever Maulud Durbar to commemorate the birth of the Holy Prophet Muhammad (PBUH). The colourful durbar commenced in the evening from the Emir’s Palace at Gidan Rumfa, proceeding through Mandawari and Galadanci before making its way back to the palace.

According to the Emirate Council, the Maulud Durbar will henceforth be observed annually on an agreed date.

Until now, the Maulud Durbar, traditionally known as Hawan Sallar Gani, has been associated exclusively with the Gumel Emirate in Jigawa State and the Daura Emirate in Katsina State, where it is held on the 12th of Rabi’ul Awwal, marking the birth of the Holy Prophet Muhammad (PBUH).

A new chapter has been opened in Kano’s rich history and yesterday will undoubtedly be remembered as the day the Kano Emirate joined this distinguished tradition of Maulud Durbar.

[Abdool Moh. @abdool_moh]

Several people lost their lives during 2023 Kano State governorship elections due to political violence between Ganduje & Kwankwaso supporters. The Kwankwaso supporters who lost their lives d!€d because they wanted Abba to win because he was with Kwankwaso. The Ganduje supporters who lost their lives d!€d because they wanted Gawuna to win because he was with Ganduje. Today, those people are not alive to witness Gawuna become Kwankwaso’s boy while Abba becomes Ganduje’s boy.

Never ever waste your precious life for these people.

[Ali jita @alijitaa]

Abokina yananan lafiya ba abunda ya sameshi ba wanda ya kamashi, yanzu nai magana dashi,adena yada rumour please 🙏

[AMEYN 👳 @Ameyn0]

@BashirAhmaad Innalillahi wainna ilaihir rajiun

[Kawu Garba @KawuGarba]

If you care about the truth, data, and statistics, you would know this is a fat lie. There is no ethnic or religious group that is being persecuted in Nigeria. What we have are Boko Haram terrorists, and they don’t discriminate; in fact, they attack and kill more Muslims while praying at mosques than any other faith in the country.

Here are links to some of their attacks at mosques:

1. https://t.co/K83b1fbtCt

2. https://t.co/31u45v3ItL

Moreover, the claim that there is “Christian genocide” in Nigeria has been repeatedly dispelled by the christians Association of Nigeria (CAN); https://t.co/XXgXtRX0Ba

Nigerians irrespective of religious coloration are the victims of Boko Haram terrorists, over 70% of their victims are Muslim communities, those practicing the same religion the extremist group claim to propagate.

These are the terrorists group your country, the united state of America have been funding over the years, the attached video in this comment was the confession from US rep. on the floor of your house of assembly before the world. -That is why any time the terrorists are arrested, they are caught with dollars and sophisticated weapons out of their reach.

[AMEYN 👳 @Ameyn0]

@Ahmadu_DVM @MSIngawa I’m on this !!

[AMEYN 👳 @Ameyn0]

@murphyayodeji @MSIngawa Do you even really know who jesus was??

[Bashir Ahmad, OON @BashirAhmaad]

INNA LILLAHI WA INNA ILAIHIR RAJI’UN.

The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London.

May Allah accept him in Aljannatul Firdaus, Amin.

Signed,
Garba Shehu
13-07-25.