RicherFin Research
RicherFin Research RF-MS-003

Market Structure and Index Research · 15 Sep 2026

Dangote Refinery: When Does a Mega-Listing Reshape NGX?

Under which full-capitalisation and accessible-float combinations would a Dangote Refinery listing change NGX concentration and turnover requirements?

Abstract

This ex-ante market-structure study separates full market capitalisation, accessible float, index-adjusted investability and realised trading liquidity. It maps the concentration threshold and turnover-rate requirements that could alter NGX structure, without treating a prospective transaction as a realised event or an execution-capacity estimate.

Keywords: mega-listing · accessible float · market concentration · NGX

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2 pages · Empirical Research · Methodology · Results · Robustness

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Coverage entities

CountryNigeriaExchangeNigerian Exchange (NGX)
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