Dangote Refinery IPO rakes in billions of naira within minutes

Dangote Refinery’s Initial Public Offering attracted billions of naira within minutes of opening on Monday, from thousands of investors, according to Premium Times.

Aigboje Aig-Imoukhuede, chair of Access Holdings and a former bourse chairman, described it as a “sterling, historic offer,” noting billions had been subscribed “within minutes or under an hour.” NGX chairman Umaru Kwairanga corroborated the figures, citing over 10 billion naira subscribed since 8am.

The IPO seeks to raise $1.6 billion across Africa, targeting ten million shareholders, and runs from September 14 to October 13, with listing planned for November. Proceeds will fund an expansion of the refinery’s capacity from 700,000 to 1.4 million barrels per day by 2030.

The offer values the refinery at $49 billion and could expand the NGX’s N157.6 trillion market capitalisation by a third. Aliko Dangote declared the event open, attended by dignitaries including the Ooni of Ife and Zenith Bank’s Jim Ovia.