Dangote IPO: Prominent cleric Hayab urges Christians to invest

The Chairman of the Northern Christian Association (NCA), Rev. Joseph John Hayab, has urged Christians to consider participating in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, saying religious considerations should not prevent Nigerians from taking part in legitimate investment opportunities.

Hayab made the call in Kaduna during a media parley, where he addressed concerns reportedly expressed by some Christians in northern Nigeria over participating in the public offer because of the religious identity of the promoter, Aliko Dangote.

The NCA chairman said the Dangote Refinery shares should be viewed strictly as a business and investment opportunity rather than through a religious lens, stressing that ownership of shares was not a religious activity but a means of participating in the ownership of a business. Blueprint reports

“Business has no religion. What Dangote is selling is not Islam; Dangote is selling shares. Shares bring money,” he said.

Hayab calls for investment culture

Hayab said Christian leaders had a responsibility to encourage their members to develop a stronger culture of investment and financial planning, rather than depending almost entirely on salaries and other forms of active income.

He argued that investing in legitimate businesses could provide families with opportunities to build assets that could benefit not only current investors but also their children and future generations.

“If I have my way, just as they are advertising, every Christian should have 10 shares,” he said.

Using a hypothetical example to illustrate the potential scale of collective participation, Hayab said that if a large number of people invested in the offer, Christians could collectively become significant shareholders in businesses operating in Nigeria.

He, however, did not present the example as a guaranteed financial return, but as an illustration of what collective participation in the capital market could mean for household and community wealth creation.

IPO offers 4.1bn shares

The Dangote Petroleum Refinery and Petrochemicals IPO comprises 4.1 billion ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares, equivalent to ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026, subject to the terms contained in the approved prospectus.

The full offer, if subscribed, is valued at approximately ₦2.15 trillion, while the proceeds are earmarked for growth capital expenditure under the refinery’s expansion programme. The shares are expected to be listed on the Nigerian Exchange following completion of the offer.

The Securities and Exchange Commission (SEC) has advised prospective investors to carefully read the approved prospectus and understand the terms and risks associated with the investment before subscribing.

The regulator has also warned investors to use only officially designated and approved receiving agents and subscription channels, and not to transfer money to individuals or unauthorised platforms claiming to process applications or guarantee allocations.

‘Invest for your children’

Hayab said investment decisions should be considered from a longer-term perspective rather than being driven solely by the prospect of immediate returns.

He encouraged Christians who were financially able to consider investments as part of efforts to provide for their families and support future needs, particularly education.

“Buy it for your son. Buy it for your grandchildren. Buy it for the future of their education,” he said.

The cleric argued that a stronger savings and investment culture could help families build assets and reduce excessive dependence on monthly salaries.

According to him, individuals who consistently invest in viable businesses can gradually develop financial resources that may support their families beyond their active working years.

Hayab also linked the issue to the financial capacity of churches, saying members who develop stronger personal financial positions could potentially contribute more sustainably to church activities and charitable causes.

“The reason why our offering is poor in many of our churches is because we are not investing,” he said, adding that many church members depended primarily on salaries.

Calls for broader Nigerian ownership

The NCA chairman said Nigerians should seek opportunities to have a stake in businesses operating within the country, arguing that broader domestic participation in the ownership of companies could contribute to economic development.

“The economy of Nigeria will grow faster if all Nigerians have a stake in the investment that is in Nigeria,” he said.

Hayab stressed that his position was not limited to the Dangote Refinery IPO, saying Christians should remain open to other legitimate investment opportunities available within the Nigerian economy.

He said the fundamental issue was for Nigerians to develop the habit of investing in businesses they understood and could afford to participate in, rather than allowing religious, ethnic or other considerations to determine whether they explored legitimate economic opportunities.

NCA begins awareness campaign

Hayab disclosed that, in his capacity as chairman of the Northern Christian Association, he had directed efforts to create awareness about the Dangote offer among Christians and encourage them to learn about the opportunity.

“We started that last Sunday and we’ll do that this Sunday and we’ll continue to do until the 13th when it is over,” he said.

He also appealed for consideration of an extension of the offer period, arguing that public awareness about the IPO was only beginning to gain wider attention.

The Dangote Refinery has marketed the offer as an opportunity for eligible Nigerians and other qualifying investors to participate in ownership of one of the country’s major industrial projects. The company says the refinery reached full capacity of 650,000 barrels per day in February 2026 and subsequently tested operations at up to 700,000 barrels per day.

Separating business from politics

Hayab also urged Nigerians to distinguish businesses from political administrations, arguing that governments and political leadership could change while successful businesses could continue operating.

“Today we have Tinubu as president, tomorrow we’ll have another person as president, but we will be having Dangote business all through,” he said.

He maintained that investment decisions should therefore not be based primarily on the political administration in office, but on the fundamentals and prospects of the individual business and the risks associated with investing in it.

Hayab further appealed to northern Christians to support businesses owned by entrepreneurs from the region, noting that Dangote is from northern Nigeria.

His comments come as the Dangote Refinery IPO continues to attract public attention, with the company seeking to broaden domestic ownership through the offer.

However, official investment information makes clear that participation in the IPO carries investment risk. The company says dividends may be paid if and when declared but are not guaranteed, while the SEC has urged prospective investors to study the approved prospectus and obtain guidance from registered capital market operators or investment advisers where necessary.

The offer remains open until October 13, 2026, giving eligible investors time to review the prospectus, assess the risks and determine whether participation is appropriate for their individual financial circumstances.