Dangote Refinery IPO Attracts 6.4 Trillion Naira in Demand
Aliko Dangote announced that his refinery IPO drew demand three times its size despite missing a target of 10 million retail investors.
The initial public offering for the Aliko Dangote-led refinery business attracted approximately 6.4 trillion naira in orders, roughly three times the offer size. Speaking at the 25th annual WIMBIZ conference in Lagos, Dangote revealed that the People's IPO failed to reach its target of 10 million retail investors. He attributed the shortfall to time constraints and difficulties prospective investors faced when attempting to access the offer.
The IPO offered 4.1 billion shares at N525 each, seeking to raise approximately N2.15 trillion between September 14 and October 27, 2026. While the official investor count remains unavailable, reports indicate participation from all 54 African countries and investors from up to 200 countries.
To broaden access beyond Nigeria, Dangote held discussions starting in April with various African stock exchanges. Edoh Kossi Amenounve, CEO of the Abidjan-based BRVM, noted that these talks focused on overcoming differing regulatory and listing rules across the continent. One proposed solution to facilitate this cross-border participation involved the use of Global Depositary Receipts to list share instruments on multiple exchanges.
