Critics of the Nigerian Stock Exchange maintained that the market had not been tested to capacity even with the recapitalization of banks. They claimed that the depth of the stock market was not one where a lot of people would invest in billion dollar offers. The reasons varied, one was the capitalization level of existing banks and other reasons were the assumed amount of investment capital the Nigerian public was willing to invest in the Nigerian Stock Market. Dangote Sugar owned by Nigerian billionaire Aliko Dangote was one of many companies that were influenced by the opinion that the stock market would not be able to subscribe to the wealth of a public offer that ran into billions of dollars. Previously, Dangote Sugar was a privately owned company not quoted on the Nigerian Stock Exchange. Read more
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