Dangote Refinery IPO Sees N10bn in First Hour of Launch

On September 14, Dangote Refinery launched its N2.15 trillion Initial Public Offering (IPO), which garnered over N10 billion in subscriptions within the first hour. Umaru Kwairanga, chairman of the Nigerian Exchange Group, announced this figure during the Facts Behind the Figures ceremony in Lagos.

Aigboje Aig-Imoukhuede, chairman of Access Holdings, confirmed that thousands of investors had already subscribed billions of naira shortly after the offer opened at 8:00 am. The IPO is set to run until October 13 and aims to raise approximately $1.6 billion, targeting retail, institutional, and eligible African investors.

The offer includes 4.1 billion new ordinary shares priced at N525 each, with a minimum subscription of 10 shares costing N5,250. This transaction values the refinery at about $49 billion and is anticipated to be one of the most significant in Nigeria’s capital market history, with proceeds intended to support the company's expansion and strategic investments.