Dangote IPO Fever Hits NGX, Wipes ₦1.88tn Off Market
Pecohub A wave of selling swept through the Nigerian Exchange on Wednesday, 9 September 2026, as the bloodbath that began on Tuesday continued. Investors kept selling shares to raise cash for the Dangote Petroleum Refinery IPO that opens on Monday.
Tuesday’s session set the tone. The NGX All-Share Index fell 1.17%, shedding 2,897.67 points to close at 244,802.11. Market capitalisation dropped by about ₦1.88 trillion to ₦1.9 trillion, with only four gainers against a long list of decliners. Analysts tied the sell-off to cash-raising ahead of the Dangote offer.
Wednesday did not reverse that pressure. By the 3:51 p.m. close the board was still dominated by losers, including BUACEMENT and STANBICETF30, both down 10.00%, VSPBONDETF down 9.97%, CADBURY down 9.94%, INTENEGINS down 9.88%, TRIPPLEG down 9.79%, Nigerian Breweries down 9.76%, UPDCREIT down 9.75%, NEIMETH down 9.66%, ABBEYBANK down 9.35%, FTGINSURE down 9.15% and VETINDETF down 8.47%. Earlier casualties included ACCESSCORP, FCMB, OANDO, WEMABANK, GTCO and FIDELITYBK.
A handful of stocks still managed to finish higher. Champion Breweries rose 9.90% to ₦11.10, Greenwetf gained 8.28% to ₦757.85, and UPDC added 5.88% to ₦3.60. Ikeja Hotel, Cutix, VFD Group, Sterling Bank, Zenith Bank, TIP, NGX Group, UBA and UCAP also closed in the green.
