Dangote refinery IPO close with investors from 120 kontris, firm tok

Dangote Petroleum Refinery and Petrochemicals tok say dia initial public offering (IPO) close on Tuesday with investor applications from 120 kontris, including every one of Africa's 54 kontris.

Di company call di result a milestone for African capital markets, say di offer draw investors from all six inhabited continents.

Di offer open on 14 September, selling 4.1 billion ordinary shares at ₦525 each to raise about ₦2.15 trillion. Dem originally plan to close am on 13 October but di Securities and Exchange Commission (SEC) approve two-week extension to 27 October so more investors fit complete account opening and identity checks.

Wetin di numbers talk

Bloomberg report say di offer get enough commitments from Nigerian and retail investors to meet im fundraising target, according to people wey know di matter. Those sources put fully funded commitments from domestic and retail investors between $1.5 billion and $1.6 billion.

Small discrepancy dey for di figures: Bloomberg, citing im sources, talk say investors from 119 kontris apply, while di company own statement on Tuesday put di number at 120.

Di company talk say commercial banks, stockbroking firms, fintech platforms and other distribution partners support di offer, wey give investors several channels to apply. E also set up arrangements in Kenya, Uganda, Botswana, Ethiopia and Egypt to let investors outside Nigeria take part.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, talk say di spread of applications across Africa matter to am. "To have investor applications from all 54 African countries is deeply significant to me," e talk for di statement.

E talk say di offer no be only about raising money but about widening ownership. "We wanted to open the doors of ownership, give ordinary Africans an opportunity to participate in an enterprise of global significance," e talk.

David Bird, Managing Director and Chief Executive Officer of di refinery, talk say di international response show confidence in di plant scale and long-term prospects.

Group Chief Financial Officer Murat Erden talk say di refinery record $22.5 billion in revenue and $5.52 billion in EBITDA (earnings before interest, taxes, depreciation and amortisation) for di first nine months of 2026.

Wetin go happen next

Di company plan to use di proceeds to expand di Lagos refinery, aiming to raise processing capacity to 1.4 million barrels per day by di first quarter of 2029.

Bloomberg report say a 30% over-allotment option fit lift di total raised to about $2.1 billion. E also talk say Dangote fit consider selling part of im own stake to investors wey miss out on allocations, depending on di final order book.

For ordinary Nigerians, di offer low entry point — minimum of 10 shares at ₦5,250 — dem pitch am at first-time retail investors. How di shares go perform once trading begin go decide whether dat wider ownership dream go pay off.