Dangote IPO triggers digital race to attract 10 million investors

The Dangote Petroleum Refinery’s initial public offering has triggered an unprecedented digital race among Nigerian stockbrokers, banks and fintech companies, according to a report by Nairametrics. The ₦2.15 trillion offer opened Monday with investors able to subscribe through about 55 approved electronic channels, the largest digital distribution network deployed for an IPO in Nigeria.

Sources said Aliko Dangote insisted the offer target 10 million subscribers, driving traditional brokers to build proprietary platforms or partner with fintechs possessing existing payment infrastructure and retail customer bases. The offer, comprising 4.1 billion shares at ₦525 each, closes October 13. Proceeds will fund expansion of the refinery’s processing capacity from 700,000 to 1.4 million barrels per day, following a private placement that raised about $2.5 billion.