Investors from 119 Countries Actively Participate in IPO of Nigeria’s Dangote Oil Refinery
Demand from local and retail investors has already fully covered the planned $1.6 billion fundraising target
The application period has been extended by two weeks, and the offering will conclude on 27 October. According to Bloomberg sources, international demand may significantly exceed the $2.1 billion target, including a 30% greenshoe option. In total, investors from 119 countries have submitted applications.
The oil refinery is going public as part of Aliko Dangote’s campaign—Africa’s richest man. He aims to attract 10 million retail investors, with a minimum bid set at 10 shares.
The funds raised from the IPO are planned to be directed toward a $14 billion program. The program includes increasing oil refining capacity from nearly 700,000 barrels per day to 1.4 million barrels by 2029.
