Dangote Petroleum Refinery and Petrochemicals has concluded its initial public offering (IPO), attracting investor applications from 120 countries across six continents, including all 54 African nations, in a development the company says demonstrates growing interest in African industrial investment.
The public offer closed on Tuesday, October 27, following an extension approved by the Securities and Exchange Commission (SEC). According to the refinery, the offer achieved participation across every African country, marking a significant geographical reach for a major African industrial company.
The IPO opened on September 14, offering 4.1 billion ordinary shares at ₦525 per share, with a proposed fundraising target of approximately ₦2.15 trillion. The deadline was initially set for October 13 but was extended to October 27 to give more prospective investors in Nigeria and other markets additional time to apply.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the response as a sign that Africans want to participate in the ownership and growth of businesses developed on the continent.
Dangote said the offer was designed not only to raise capital but also to broaden ownership of the refinery and give eligible investors an opportunity to share in its future growth. He added that the company intended to continue expanding its operations under its Vision 2030 strategy.
David Bird, managing director and chief executive officer of Dangote Petroleum Refinery and Petrochemicals, said applications from 120 countries reflected international interest in the refinery’s operations, scale and long-term prospects. Group Chief Financial Officer Murat Erden also described the transaction as an important development for African capital markets, pointing to the role of banks, stockbrokers and digital investment platforms in widening access.
The outcome follows sustained attention on the refinery’s role in Nigeria’s petroleum industry and the country’s efforts to strengthen domestic refining. However, the facility also faces challenges related to crude supply. In earlier coverage, TheDailyNewsHub reported that Nigeria does not yet produce enough crude to meet the Dangote refinery’s full daily requirement, according to Finance Minister Taiwo Oyedele.
The company’s official IPO website states that the offer has closed and that allotment is in progress. Applications from 120 countries demonstrate the offer’s international reach, but they should not be confused with confirmed share allocations. Investors are advised to follow updates through the bank, investment app or broker used to submit their applications.
The IPO’s final impact will depend on the allotment process, the number of shares ultimately allocated and the refinery’s performance as a publicly traded investment. The company has described the offer as an effort to widen participation in a major African industrial asset, while the process now moves to the next stage of checking applications and determining allotments.