By Michael Kern – Oct 27, 2026, 8:30 AM CDT
The initial public offering of Nigeria’s Dangote refinery has reached its target to raise $1.6 billion in funds from domestic and retail investors alone, sources with knowledge of the IPO process told Bloomberg on Tuesday.
Demand from international investors is set to significantly exceed even the $2.1-billion target with a 30% over-allotment option, according to the sources.
The Dangote refinery is going public as Africa’s richest man, Aliko Dangote, is targeting 10 million retail investors in the “IPO for the people” pitch of Africa’s biggest initial public offering.
The Dangote group last month launched a widespread marketing campaign to attract retail investors as part of the IPO planned to raise $1.6 billion and valuing the largest refinery in Africa at $47 billion.
The IPO could raise as much as $2.1 billion if the company exercises its greenshoe option, which is now almost a given, considering the record-high interest in the float.
The closing date for the offering was extended by two weeks and ends on October 27, and yet demand from the retail and domestic market alone has already fully covered the target to raise $1.6 billion.
Investors from 119 nations have applied to gain access to the IPO, according to Bloomberg’s sources who asked to remain anonymous.
The IPO is Africa’s biggest and will greatly expand the number of retail investors in Nigeria and the continent.
“With a minimum subscription of just 10 shares, the offer is designed to give ordinary Nigerians and Africans an opportunity to own a stake in the refinery,” Aliko Dangote said at the IPO launch last month.
“The IPO is positioned not simply as a capital-raising exercise, but as an opportunity for workers, entrepreneurs and everyday Nigerians to participate in the refinery’s future growth,” according to Dangote.
Proceeds from the IPO are expected to be invested in a $14-billion plan to double the refinery’s crude processing capacity from nearly 700,000 barrels per day (bpd) now to 1.4 million bpd by 2029.
By Michael Kern for Oilprice.com
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