The Nigerian stock market has suffered a massive N1.9 trillion loss in two trading sessions as investors sell off stocks ahead of the highly anticipated Dangote Refinery Initial Public Offering (IPO), valued at N2.15 trillion.
The sell-off continued on Wednesday, with the market declining by 1.17 per cent, representing about N20 billion, as the market capitalisation fell from N1.9 trillion to N1.88 trillion.
Only four stocks recorded gains during Wednesday’s trading session, reflecting the broad pressure across the market as investors reposition their portfolios ahead of the Dangote Refinery IPO.
Among the gainers, Champion Breweries rose by 9.90 per cent to N11.10, GreenWef gained 8.28 per cent to N757.85, while UPDC advanced by 5.88 per cent to N3.60.
However, the majority of stocks closed in the red, with BUACEMENT and STANBICETF30 each falling by 10.00 per cent to lead the losers’ table.
The development follows a bruising session on Tuesday, when investors reportedly lost N1.88 trillion in market value, bringing the combined losses recorded over the two trading days to about N1.9 trillion.
The sharp decline comes as investors prepare for what is expected to be a major event in Nigeria’s capital market — the Dangote Refinery IPO, scheduled to open on September 16, 2026, at N525 per share.
With the IPO valued at N2.15 trillion, investors appear to be adjusting their positions and raising funds ahead of the offer, putting significant pressure on equities across the Nigerian Exchange.
The development highlights the scale of investor interest surrounding the Dangote Refinery IPO and the potential impact of the offer on the wider Nigerian capital market.
As the September 16 opening date approaches, market attention is now focused on how investors will balance their existing equity positions with the opportunity to participate in one of the country’s most significant public offerings.