Dangote Refinery IPO records billions in naira subscriptions within minutes

Billions of naira were subscribed by thousands of investors within minutes of Dangote Refinery’s Initial Public Offering opening on Monday, according to a report by Premium Times.

Aigboje Aig-Imoukhuede, chairman of Access Holdings, disclosed this at the Facts Behind the Figures event at the Nigerian Exchange in Lagos, describing the offer as “sterling” and “historic.” 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 expansion of the refinery’s capacity from 700,000 to 1.4 million barrels per day by 2030. NGX chairman Umaru Kwairanga corroborated the figures, citing over ₦10 billion subscribed by 8am. The IPO values the refinery at $49 billion.