by Achadu Gabriel, Kaduna
Chairmanship of the ‘Northern Christian Association’ (NCA), Rev. Joseph John Hayab, has urged Christians, especially in Northern Nigeria, not to allow religious considerations stop them from participating in the ongoing Initial Public Offering, IPO, of Dangote Petroleum Refinery and Petrochemicals.
Hayab made the call in Kaduna during a media parley where he addressed concerns that some Christians were reluctant to invest in the offer because of the religious identity of its promoter, Alhaji Aliko Dangote.
According to him, the refinery shares should be seen strictly as a business and investment opportunity, not a religious activity.
“Business has no religion. What Dangote is selling is not Islam; Dangote is selling shares. Shares bring money,” Hayab said.
He said Christian leaders have a responsibility to encourage members to imbibe investment culture and financial planning, rather than depending solely on salaries and active income.
“If I have my way, just as they are advertising, every Christian should have 10 shares,” he said.
The cleric explained that collective participation in the capital market could make Christians significant shareholders in major businesses in Nigeria, creating wealth for households and future generations.
“Buy it for your son. Buy it for your grandchildren. Buy it for the future of their education,” he urged.
Hayab noted that poor investment culture affects both families and churches, adding that stronger personal finances would enable members to support church activities more sustainably.
“The reason why our offering is poor in many of our churches is because we are not investing,” he said, noting that many members depend primarily on monthly salaries.
The Dangote Petroleum Refinery and Petrochemicals (IPO) comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer opened on September 14 and will close on October 13, 2026.
The offer, valued at about N2.15 trillion, if fully subscribed, is for growth capital expenditure under the refinery’s “expansion programme.” The company says the refinery reached full capacity of 650,000 barrels per day, in February 2026, and has tested up to 700,000 barrels per day. The shares are expected to be listed on the Nigerian Exchange Limited after completion.
Hayab said Nigerians should seek to have a stake in businesses operating in the country, arguing that broad domestic ownership would accelerate economic growth.
“The economy of Nigeria will grow faster, if all Nigerians have a stake in the investment that is in Nigeria,” he said.
He also urged Nigerians to separate business from politics, noting that, “While governments change, viable businesses endure.”
“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.
The NCA chairman disclosed that the association has commenced an awareness campaign among Christians on the IPO.
“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,” Hayab said, while appealing for a possible extension to allow more Nigerians to participate as awareness grows.
He also appealed to Northern Christians to support businesses owned by entrepreneurs from the region, noting that Dangote is from northern Nigeria.
He, however, stressed that his position is not limited to Dangote Refinery, urging Christians to be open to other legitimate investment opportunities.
Meanwhile, the Securities and Exchange Commission, SEC, has advised prospective investors to read the approved prospectus carefully, understand the risks, and use only officially designated receiving agents.
The Commission warned against transferring money to individuals or, unauthorised platforms, claiming to ‘guarantee’ allocation.
The company has also stated that dividends, if and when declared, are not guaranteed, and investors are advised to seek guidance from registered capital market operators where necessary.