Photo: Aliko Dangote, founder of the Dangote Group — BusinessDay
Dangote Petroleum Refinery's initial public offering has attracted applications worth about 5.85 trillion naira from nearly 3.8 million investors, almost three times the 2.15 trillion naira the company set out to raise.
Investors applied for about 11.15 billion shares at 525 naira each, against the 4.1 billion shares offered, according to subscription data reported by BusinessDay, Business Post and Nairametrics. The offer is being described as the largest IPO in Africa's history.
- Applications totalled 5.85 trillion naira against a 2.15 trillion naira target
- Nearly 3.8 million investors applied; retail investors were about 84 per cent of applicants
- Three investors alone accounted for about 46.7 per cent of the shares applied for
What the subscription figures show
The 5.85 trillion naira represents applications submitted, not the final amount raised — the proceeds will depend on the shares ultimately allotted after regulatory approval.
Retail investors made up the overwhelming majority of applicants, but a small number of large subscribers accounted for most of the money: three investors applied for about 2.73 trillion naira worth of shares, and the single biggest application was for 771 million shares worth about 405 billion naira.
South Africa's Public Investment Corporation, which manages about $220 billion in pension assets, was reported to have sought a substantial allocation, alongside Nigerian pension fund managers.
Why the refinery went to the market
The IPO opened on September 14, 2026, and closed on October 27 after a two-week extension. The Securities and Exchange Commission has reportedly permitted the company to absorb up to 30 per cent in additional oversubscription on top of its base offer.
The offering forms part of the refinery's financing strategy for an expansion programme aimed at raising its processing capacity to about 1.4 million barrels per day. For the nine months to September 2026, the refinery reported revenue of $22.48 billion, up 144 per cent on the same period of 2025, with profit after tax of $4.73 billion against a loss a year earlier.
What happens next
Attention now turns to the allotment announcement, expected later this month, which will determine how widely the shares are distributed and clear the way for trading on the Nigerian Exchange.
Credit: BusinessDay and Business Post reports of November 11, 2026. Follow @newstweetnaija on Instagram for the day's biggest stories.
