Nigeria’s stock market could be heading for some major additions, with some of the country’s biggest companies and institutions either preparing for a listing or reportedly considering one.
From Africa’s largest refinery to one of Nigeria’s biggest fintechs, here are four names investors should keep on their radar.
1. Dangote Refinery
The biggest and most immediate story is Dangote Petroleum Refinery.
The Securities and Exchange Commission (SEC) has approved the refinery’s IPO, with 4.1 billion shares priced at ₦525 each, potentially raising about ₦2.15 trillion ($1.63 billion). The offer is expected to open on September 14, 2026, with a possible 15% greenshoe option if demand is strong.
The 650,000-barrel-per-day refinery is already one of Africa’s most important industrial projects. Dangote plans to use funds from the offering, alongside other financing, to expand capacity to about 1.4 million barrels per day.
If completed as planned, the offering could become Africa’s largest IPO to date.
2. NNPC Limited
Nigeria’s state-owned oil company, NNPC Limited, could also eventually become publicly traded.
President Bola Tinubu said in August that the government plans to reform and list NNPC on the Nigerian capital market. The Nigerian Exchange Group has also publicly highlighted the planned listing as part of efforts to deepen Nigeria’s capital market.
However, unlike the Dangote Refinery IPO, there is currently no announced NNPC IPO date, share price or offer size.
A successful listing would nevertheless be significant, potentially giving Nigerians an opportunity to own part of the country's largest energy company.
3. Dangote Fertiliser
Another Dangote business that has been preparing for the capital market is Dangote Fertiliser.
The company has previously disclosed plans for an IPO on the Nigerian Exchange and has been expanding its production capacity. Its sustainability report said the company was preparing for an NGX IPO and targeting a major expansion of its urea production capacity.
NGX has also publicly stated that it was ready to support the company's proposed listing.
However, investors should note that a final IPO date, offer price and share structure have not been publicly confirmed.
4. OPay
Nigeria's fintech sector could also get its biggest stock-market moment yet if OPay proceeds with plans to list.
Reports in August said OPay was considering a listing on the Nigerian Exchange, potentially alongside or after a planned US IPO. The company has reportedly been targeting a valuation of around $4 billion for its US offering.
OPay's growth has been substantial. It reportedly processed about $358 billion in gross transaction value in 2025, while revenue rose 161% to approximately $536.3 million.
Still, OPay's Nigerian listing remains a reported plan rather than a formally launched IPO, and details such as timing, valuation and the number of shares to be offered are yet to be announced.
What This Means for Nigerian Investors
If these listings happen, they could significantly broaden the Nigerian Exchange.
Investors could potentially gain access to major businesses across oil and gas, refining, fertiliser production and fintech without having to invest through private markets.
But there is an important difference between the four: Dangote Refinery is already at the formal IPO stage, while NNPC, Dangote Fertiliser and OPay are at different stages of their reported or announced listing plans.
For investors, the next big question is simple:
Which of these companies will deliver the next major Nigerian stock-market opportunity?
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