Dangote Refinery IPO: NGX loses massive N1.9tn in two days as investors sell stocks

The Nigerian stock market lost N1.9 trillion in two days as investors sold their stocks in preparation for Dangote Refinery’s IPO, which is valued at N2.15 trillion.

On Wednesday, investors recorded a 1.17 percent, or N20 billion, decline, with the market closing at N1.88 trillion from N1.9 trillion, with only four gainers recorded during the trading session.

After trading on Wednesday, DAILY POST reports that Champion Breweries rose 9.90 percent to N11.10, GreenWef gained 8.28 percent to N757.85, while UPDC added 5.88 percent to N3.60.

Meanwhile, the majority of stocks, including BUACEMENT and STANBICETF30, both of which fell 10.00 percent, led the losers’ table on Wednesday.

Recall that on Tuesday, investors experienced a bloodbath after losing a whopping N1.88 trillion.

The combined losses on Tuesday and Wednesday totalled N1.9 trillion.

The development comes as the NGX prepares for the historic Dangote Refinery IPO, which is scheduled to open on September 16, 2026, at N525 per share.