Breaking: Dangote Refinery IPO Attracts Over N10bn From Thousands of Investors in Minutes

• Dangote Refinery’s IPO attracted more than N10 billion from thousands of investors within minutes of opening on Monday.
• The $1.6 billion IPO will run from September 14 to October 13, with the refinery expected to list on the NGX in November.
• Dangote Refinery plans to use the proceeds to double its capacity from 700,000 to 1.4 million barrels per day by 2030.

Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.

Dangote Refinery’s Initial Public Offering (IPO) attracted billions of naira from thousands of investors within minutes of opening on Monday, according to Aigboje Aig-Imoukhuede, Chairman of Access Holdings.

Aig-Imoukhuede disclosed this at the Facts Behind the Figures session held at the Nigerian Exchange (NGX) in Lagos, where the landmark share offering was officially launched.

Aig-Imoukhuede said:

“With this particular sterling, historic offer and what I have seen in the data room, where already billions of naira have been subscribed by thousands of investors within minutes or under an hour, you are a blessing to humanity.”

Investors commit billions within minutes

The NGX Chairman, Umaru Kwairanga, also confirmed the strong early response to the IPO, saying more than N10 billion had already been committed by investors shortly after the offer opened.

“From eight o’clock today, we are talking of over N10 billion and above that have already joined,” Kwairanga said.

The IPO, which opened on September 14, is targeting $1.6 billion from investors across Africa, with Dangote Refinery seeking to build a shareholder base of up to 10 million people.

The offer will run until October 13, and the company is expected to list on the NGX in November.

The landmark IPO is expected to become the largest initial public share offering ever recorded on the African continent.

Dangote plans to double refinery capacity

The refinery is currently operating with a nameplate capacity of 700,000 barrels of crude oil per day. The company plans to use the proceeds from the IPO to expand the facility’s capacity to 1.4 million barrels per day by 2030.

The offer values Dangote Refinery at about $49 billion, with analysts projecting that its eventual listing could significantly increase the market capitalisation of the NGX.

The NGX market capitalisation stood at N157.6 trillion at the opening of trading on Monday. Analysts estimate that the listing could potentially add about one-third to the exchange’s current value.

Africa’s richest man and President of Dangote Group, Aliko Dangote, officially opened trading and the Facts Behind the Figures session at about 9:35 a.m. in Lagos.

Banks, apps Nigerians can go to for Dangote shares

Meanwhile, Legit.ng earlier reported on the 32 approved banks, fintech platforms, mobile operators and NGX Invest channels Nigerians can use to subscribe for Dangote Refinery shares.

The public offer gives Nigerians an opportunity to participate in one of the country’s most closely watched industrial projects.

With the subscription window scheduled from September 14 to October 13, 2026, investors must use verified channels and review the official offer documents before committing funds.