Dangote Refinery Targets 10 Million Investors for IPO

Dangote Refinery is setting an ambitious target of attracting 10 million retail investors for its planned initial public offering (IPO), as disclosed by Chief Executive Officer David Bird at the Fujairah Markets Forum. This target aims to exceed the 4.5 million retail investors who participated in Saudi Aramco’s 2019 IPO.

If successful, Dangote’s IPO would raise approximately N2.15 trillion ($1.6 billion), which will be utilized for expansion plans. Currently, the refinery has a crude-processing capacity of 700,000 barrels per day, up from 650,000 barrels per day, with plans to add another 700,000 barrels per day by 2029, potentially making it the world’s largest refinery by capacity.

The IPO represents a significant retail investment drive for an African company and could enhance public ownership of Nigeria's largest refinery project.