Nigeria’s Dangote Petroleum Refinery has attracted significant investor interest following its historic initial public offering, which sought to raise approximately US$1.6 billion, making it one of Africa’s largest-ever public share offers.
The offer involved approximately 4.1 billion ordinary shares at a price of ₦525 per share. The minimum application was 10 shares, costing ₦5,250. The offer was designed to give ordinary investors an opportunity to own part of the refinery.
Reuters reported on 4 November that investor demand reached approximately ₦6.4 trillion, equivalent to about US$4.77 billion, roughly three times the amount of shares offered. The company has said that applications are being checked following the closure of the offer in late October.
Aliko Dangote retains a majority ownership position. The refinery currently has a stated capacity of 650,000 barrels per day, with plans to expand its capacity to approximately 1.4 million barrels per day.
The IPO has attracted attention because of the refinery’s importance to Nigeria’s energy industry and the wider African investment market. According to Reuters, the shares are expected to list on the Nigerian Exchange later in November, although the official company portal says allotment and listing details remain subject to the formal post-offer process. Investors should check official announcements rather than rely on unofficial share offers.
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