Dangote Refinery IPO Secures $1.6 Billion in Commitments

Dangote Petroleum Refinery and Petrochemicals FZE has reportedly secured enough commitments from Nigerian and retail investors to meet its initial public offering (IPO) fundraising target, with applications from investors in 119 countries. According to a Bloomberg report, the offering has attracted between $1.5 billion and $1.6 billion in fully funded commitments.

The IPO is set to close on October 27, 2026, after a two-week extension of the application period. Investors from all 54 African countries have requested allocations, and the commitments from domestic and retail investors indicate that the refinery has effectively reached its fundraising goal before accommodating international demand.

The IPO opened on September 14, 2026, aiming to raise approximately $1.6 billion through the sale of 4.1 billion ordinary shares at N525 each. The minimum subscription is 10 shares, valued at N5,250, targeting up to 10 million investors, particularly retail investors across Nigeria and other African markets.