Meet the deal makers behind Dangote Refinery’s historic IPO

As the Dangote Petroleum Refinery prepares for its historic initial public offering (IPO) targeting a massive $1.6 billion (N2.152 trillion) raise by offering 4.1 billion shares at N525 each – the transaction relies on an elite consortium of financial institutions.

The key financial advisers and joint managers steering Africa’s largest corporate public offering include Vetiva Advisory Services Limited (Lead Adviser & Lead Issuing House).

Vetiva serves as the primary architect and coordinator of the entire transaction, spearheading the overall advisory, structuring, and execution processes. Led by its chief executive officer, Chuka Eseka, Vetiva’s appointment cements its reputation for managing complex, mega-scale capital market transactions in Nigeria, guiding the refinery as it targets a broad retail and institutional investor base.

Supporting the lead adviser is an extensive network of 24 joint issuing houses, bringing together top-tier merchant banks, investment banking firms, and financial advisory powerhouses to manage book-building and distribution.

FirstCap Limited is among the 24 joint issuing houses. Led by its chief executive officer, Ukandu Eme Ukandu, FirstCap plays a vital operational role in executing the strategy to onboard an estimated 10 million retail investors, driving deep grassroots participation into Nigeria’s capital markets.

Another joint issuing house is Stanbic IBTC Capital Limited (Joint Managing House). Acting as a joint issuing house and financial adviser, Stanbic IBTC brings its powerhouse…