Dangote Petroleum Refinery and Petrochemicals FZE has reached its initial public offering target, securing $1.5 billion to $1.6 billion in fully funded commitments from domestic and retail investors.
The milestone was disclosed in a Bloomberg report citing sources familiar with the matter. The offering attracted widespread participation, with share applications pouring in from investors across 119 countries.
Subscribers included buyers from all 54 African nations. Overall demand exceeded the initial offering size by three to four times, according to earlier statements by Group Chairman Aliko Dangote.
To satisfy unprecedented demand, the company may exercise a 30% overallotment option. This greenshoe provision could lift the total funds raised to approximately $2.1 billion.
The billionaire founder is also considering selling a portion of his personal stake through a secondary sale if significant unallocated orders remain. That decision hinges on the final order book review.
The public offer officially closed on October 27, 2026. The deadline was extended by two weeks following approval from Nigeria’s Securities and Exchange Commission to facilitate broader retail access.
The landmark listing on the Nigerian Exchange (NGX) represents Africa’s largest-ever initial public offering. The primary listing is scheduled to take place in December 2026.
Proceeds will support a massive $14 billion capital expansion project. The company aims to double crude processing capacity from 700,000 barrels daily to 1.4 million barrels per day by 2029.
The mega-refinery turned profitable in 2026, generating $4.73 billion in net profit over the first nine months. The Lekki complex currently accounts for over 80% of Nigeria’s domestic petrol supply.
