Dangote Refinery’s IPO Attracts Global Investors from 120 Countries

The Dangote Petroleum Refinery, owned by Nigeria’s Aliko Dangote, has completed Africa’s largest initial public offering (IPO). The offering attracted investors from 120 countries, reflecting significant global interest.

Originally set to close on October 13, the IPO was extended by two weeks to allow more African investors to participate. While the company has not disclosed the exact amount raised, Dangote mentioned that the offering exceeded its target of $1.6 billion by more than three or four times.

Dangote described this achievement as historic for Africa, emphasizing the potential of the continent when people work together and invest in its future. The refinery has a capacity of 700,000 barrels of oil per day and aims to double this to 1.4 million barrels, which could make it the largest refinery in the world.

Investors from all 54 African countries, as well as from five other continents, took part in the IPO. Dangote noted that the widespread interest underscores the confidence investors have in the refinery’s future.

In addition to the IPO, the refinery secured $2.5 billion in investments from private sources earlier this year. The company is also working on a new $16 billion refinery project on Kenya’s Lamu island, which is expected to have a capacity of 700,000 barrels per day.

According to a report from the Africa Finance Corporation, Africa currently imports over 70 percent of its refined fuel, highlighting the need for more local production.