By Martin Ekpeke
The Initial Public Offering (IPO) of Dangote Refinery has attracted subscriptions running into billions of naira within minutes of opening on Monday, in what could become one of the most heavily subscribed public offerings in the history of the Nigerian Exchange (NGX).
The strong investor response was disclosed by Aigboje Aig-Imoukhuede, Chairman of Access Holdings, during the Facts Behind the Figures ceremony held at the Nigerian Exchange in Lagos.
“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,” Aig-Imoukhuede, a former chairman of the Nigerian Stock Exchange, said.
His comments were reinforced by NGX Chairman Umaru Kwairanga, who said the offering had recorded more than ₦10 billion in subscriptions shortly after the market opened.
“From eight o’clock today, we are talking of over 10 billion and above that have already joined,” Kwairanga said.
Dangote Refinery opened its landmark IPO on Monday as the company seeks to raise about $1.6 billion from investors across Africa. The offer is expected to run from September 14 to October 13, 2026, with the refinery’s listing on the NGX planned for November.
The offering targets up to 10 million shareholders and represents a major expansion of public ownership in one of Africa’s largest privately owned industrial assets.
The proceeds will be used primarily to expand the refinery’s crude oil processing capacity from its current nameplate capacity of 700,000 barrels per day to 1.4 million barrels per day by 2030.
The IPO values Dangote Refinery at approximately $49 billion. Its eventual listing is expected to significantly increase the market capitalisation of the NGX, which stood at about ₦157.6 trillion at the opening of trading on Monday.
Africa’s richest man and founder of the Dangote Group, Aliko Dangote, formally declared the market and the Facts Behind the Figures ceremony open at about 9:35 a.m. West African Time in Lagos.
The ceremony attracted senior figures from Nigeria’s financial and business sectors, as well as representatives of African capital markets.
Among those in attendance were Dangote Refinery Chief Executive Officer David Bird; Dangote Group Vice President, Oil & Gas and Fertiliser, Edwin Devakumar; Nairobi Securities Exchange CEO Frank Nwiti; Botswana Stock Exchange Chairperson Neo Mooki; and the Ooni of Ife, Oba Adeyeye Ogunwusi.
Also present were Zenith Bank founder and Chairman Jim Ovia; immediate past President and Chairman of Afreximbank, Benedict Oramah; and Zenith Bank Chief Executive Officer Adaora Umeoji.
The early subscription figures underscore the significant investor interest surrounding the Dangote Refinery IPO and its potential to reshape Nigeria’s capital market and deepen public participation in one of the country’s most significant industrial projects.