The initial public offering (IPO) of Dangote Petroleum Refinery has attracted investor applications from 120 countries, with the company describing the response as a historic milestone for African industrial investment.
The share sale, promoted by Aliko Dangote, Africa’s richest man, was originally scheduled to close on October 13 but was extended by two weeks to enable more Africans to participate in the offering.
Although the refinery had set a fundraising target of $1.6 billion, it has not announced the final amount raised from the exercise.
Dangote had indicated earlier this month that the offering had exceeded its target by more than three to four times, suggesting that investor demand was substantially higher than initially anticipated.
In a statement issued late Tuesday, the industrialist welcomed the response, describing it as evidence of the possibilities available when African businesses attract investment from within and outside the continent.
“This is a historic achievement for Africa. It shows what is possible when we believe in our continent, work together and invest in our shared future,” he said.
The company said the offering attracted applications from all 54 African countries and investors from five other continents, extending participation beyond the refinery’s domestic market.
Dangote said the scale of international interest demonstrated confidence in the facility and its long-term prospects.
“Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business and the confidence that investors are placing in the future of this refinery,” he said.
He added that the IPO had opened an opportunity for investors across Africa and all six inhabited continents to own stakes in a major African industrial enterprise.
The share offering comes as the refinery advances plans to expand its operations and strengthen its position in the global petroleum products market.
Situated in Lagos, the refinery currently has an installed capacity of 700,000 barrels per day. Its management intends to increase this to 1.4 million barrels per day, a target that could make it the largest refinery in the world, overtaking India’s Jamnagar refinery.
The planned expansion reflects Dangote’s ambition to build refining capacity on a scale capable of serving markets beyond Nigeria, at a time when African countries are seeking to reduce their dependence on imported petroleum products.
The refinery has attracted substantial capital in recent months. In July, it secured $2.5 billion in investment from private investors, adding to the funding supporting its operations and expansion plans.
Dangote is also pursuing a major refining project outside Nigeria. Last month, the company broke ground on a proposed $16 billion refinery on Kenya’s Lamu Island.
The planned facility is expected to have a capacity of 700,000 barrels per day, equivalent to the current installed capacity of the Lagos refinery.
The Kenyan project would extend the group’s refining ambitions into East Africa and potentially strengthen regional access to locally refined petroleum products.
The latest IPO represents another major development in Dangote’s efforts to mobilise capital for large-scale industrial projects. Its international reach also points to the potential appetite among investors for exposure to major African businesses.
However, the absence of an official final fundraising figure means the full financial outcome of the offering remains unclear.
The company’s disclosure of the amount raised, alongside further details of investor participation, is expected to provide a more complete assessment of the offering’s success and its implications for the refinery’s future expansion.
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