Dangote refinery share offer attracts $4.78 billion in subscriptions
By the AFREEQUE newsroom, based on MyJoyOnline
The Dangote refinery’s share offering has raised around 6.4 trillion naira, or nearly $4.78 billion, against an initial offer of $1.6 billion, according to two people with knowledge of the matter cited by Reuters. Subscriptions, which are more than three times the target, were due to close on Tuesday and could lead to an increase in the offer, one of them said.
The public offering by Nigerian refinery Dangote has attracted around 6.4 trillion naira, or $4.78 billion, from retail and institutional investors in Nigeria. This is nearly three times the initial target of $1.6 billion, according to a person involved in the transaction cited by Reuters.
The offering, which closed on Tuesday, could be increased to $2.1 billion if Dangote exercises an over-allotment option, the person said. More than two million investors are said to have subscribed through digital channels, and orders from other African countries could further increase the total. The group is also targeting small savers, with shares available from $4, according to its owner, Nigerian businessman Aliko Dangote.
The allocation of shares is due to begin next week, ahead of a planned listing on the Nigerian Exchange in November, according to the prospectus. The refinery, built at a cost of around $20 billion and in commercial operation since 2024, processes nearly 700,000 barrels of crude a day. It plans to double its capacity by 2029.
