Dangote Refinery IPO Closes, Attracts Investors From 120 Countries

The Dangote Petroleum Refinery has concluded its public share offering, attracting investor applications from 120 countries across all six inhabited continents, in a major development for Nigeria’s capital market.

The offer, which closed on Tuesday, October 27, recorded participation from all 54 African countries, according to information released by the company.

The public offering, branded The People’s IPO, offered 4.1 billion ordinary shares at ₦525 per share, representing a potential fundraising target of approximately ₦2.15 trillion.

The refinery had previously extended the offer period to give more investors across Africa and other markets an opportunity to participate.

Aliko Dangote, president of Dangote Group, described the development as a significant achievement for Africa, highlighting the potential for broader investment participation in major African businesses.

The company has not yet disclosed the final amount raised through the offering. The process has now moved into the post-offer stage, where applications will be checked and the allocation of shares will undergo the necessary regulatory procedures.

The outcome could represent an important step towards expanding public participation in large-scale industrial investments and strengthening Nigeria’s capital market.

The refinery, which has a stated processing capacity of 700,000 barrels per day, is a major player in Nigeria’s efforts to increase domestic refining capacity and reduce dependence on imported petroleum products.

Further details on share allotment and the commencement of trading are expected through the official post-offer process.