Dangote Refinery IPO Raises N1.5 Trillion in 6 Hours

On September 14, 2026, the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE generated around N1.5 trillion in subscriptions within just six hours of its launch on the Nigerian Exchange in Lagos. This IPO is noted as the largest in Africa, with shares priced at N525 each and a minimum subscription requirement of 10 shares, allowing retail investors to participate from as low as N5,250.

The overwhelming demand led to significant traffic issues on fintech platforms Bamboo and Cowrywise, causing difficulties for users attempting to access the services. Aliko Dangote addressed investor concerns regarding naira depreciation, stating that the refinery operates in a dollarized manner, ensuring dividends would be paid in US dollars.

The IPO is expected to be heavily oversubscribed, with the potential to raise up to N2.15 trillion if fully subscribed, reflecting a significant moment for Nigeria's equity investment landscape.