Dangote Refinery IPO Attracts Investors From All 54 African Nations, 120 Countries Worldwide
Dangote Petroleum Refinery and Petrochemicals has attracted investor applications from all 54 African countries and 120 countries worldwide, marking a major milestone for its bid to broaden public ownership of one of Africa’s largest industrial investments.
The company announced the achievement on Tuesday, October 27, following the conclusion of its initial public offering (IPO), branded the “People’s IPO”, which seeks to give ordinary Nigerians and other eligible investors across Africa an opportunity to own shares in the refinery.
The offering opened on September 14, with 4.1 billion ordinary shares priced at ₦525 each, targeting approximately ₦2.15 trillion. The original closing date of October 13 was extended to October 27 to allow more investors to participate.
Aliko Dangote, president and chief executive of Dangote Industries Limited, described the geographical spread of applications as evidence of growing African interest in financing and owning major businesses developed on the continent.
The company said the offer was supported by commercial banks, stockbrokers, financial technology platforms and other distribution partners, helping extend access across national borders and attract retail investors.
The offering has also drawn substantial demand from Nigerian investors. Reuters reported that orders from Nigerian retail and institutional investors totalled approximately ₦6.4 trillion, about three times the initial target, citing sources familiar with the transaction. The reported figure does not represent the final amount raised, as allocations and the treatment of excess subscriptions remain subject to the offer process.
The IPO is intended to support the refinery’s expansion plans and strengthen its position in regional and international energy markets. The company has outlined plans to increase refining capacity from approximately 700,000 barrels per day to 1.4 million barrels per day by 2029.
The broad geographical reach of the offering highlights the potential for stronger cross-border investment in African businesses. However, the final number of successful investors and the shares allocated to them will depend on the outcome of the allotment process.
