Dangote appoints Zedcrest Securities as IPO broker as listing nears

The Dangote Group has appointed Zedcrest Securities as a Joint Stockbroker on the proposed Initial Public Offering (IPO) of Dangote Refinery, one of the most anticipated transactions in Nigeria’s capital markets history.

The appointment places Zedcrest Securities among the market operators selected to support the execution of the refinery’s planned listing on the Nigerian Exchange (NGX), a transaction widely expected to attract significant domestic and international investor interest while further deepening Nigeria’s capital market.

Through the IPO, the refinery plans to float up to 10 percent of its equity, aiming to raise about $5 billion at a targeted company valuation ranging between $40 billion and $50 billion.

The now 700,000-barrel-per-day refinery is the largest single-train refinery in the world, attracting widespread attention from investors and market participants following indications that the company plans to list a portion of its shares on the Nigerian Exchange.

The proposed listing is expected to rank among the largest equity capital market transactions in Nigeria’s history and is anticipated to broaden investment opportunities for local and international investors while further enhancing the depth, liquidity, and attractiveness of the Nigerian Exchange.

Zedcrest Securities noted in a report that the appointment marks another significant milestone in its evolution as a growing force within Nigeria’s capital markets ecosystem and reinforces its position as a trusted partner for institutional and large-scale market transactions.

Market participants view the firm’s appointment on the Dangote Refinery IPO as reflective of its growing relevance in the execution of strategic transactions within the Nigerian capital market.

The development comes less than two years after Zedcrest Group completed the acquisition of RMB Nigeria Stockbrokers, a member of Rand Merchant Bank, the Corporate and Investment Banking arm of FirstRand Group.

Following the acquisition, the business was rebranded as Zedcrest Securities as part of the firm broader strategy to strengthen its capital markets franchise and expand its offerings across the securities and investment banking value chain.

Industry observers have noted that the acquisition significantly enhanced the firm’s stockbroking capabilities, institutional market access, and execution capacity within the Nigerian equities market.

Over the years, Zedcrest has built a strong reputation in Nigeria’s fixed income and securities markets, serving a broad base of institutional investors, corporates, asset managers, pension funds, and foreign investors.

The firm has also continued to expand its capabilities across capital markets, advisory, and investment solutions, positioning itself as a comprehensive financial services provider.

As preparations for the transaction continue, Zedcrest Securities’ role in the deal is expected to further reinforce its position within the market and underscore the growing confidence of issuers and investors in the firm’s execution capabilities.

Investors are already anticipating the IPO of the Dangote Refinery. Part of this anticipation is driven by an assurance by Aliko Dangote, founder of the Dangote Group. According him, shareholders will receive returns in dollars despite purchasing shares in Naira.