The initial public offering of Dangote Petroleum Refinery has recorded strong demand from investors, with subscriptions exceeding N10 billion shortly after the offer opened on Monday.
The surge in interest created heavy traffic on several digital investment platforms as thousands of Nigerians attempted to buy shares in the country’s major refinery.
Data from the Nigerian Exchange Group showed that 402,634 transactions had generated about N1.48 trillion within the first hour of trading, although the post containing the figure was later deleted.
The N2.1525 trillion public offer involves 4.1 billion shares priced at N525 each. Investors can participate with a minimum purchase of 10 shares, valued at N5,250.
The unusually high demand overwhelmed some fintech platforms, including Bamboo, Cowrywise and Afrinvestor, with users reporting failed logins and difficulties completing transactions.
Cowrywise said the disruption lasted about an hour before its services were restored, while other platforms also experienced access problems as investors rushed to secure shares.
Commercial banks subsequently provided alternative channels for investors, with institutions including Zenith Bank, FirstBank, Fidelity Bank and Moniepoint making the offer available through their digital platforms, branches and other banking channels.
The Chairman of NGX Group, Umaru Kwairanga, said the level of participation could eventually produce an exceptionally large shareholder base.
The offer is targeting up to 10 million investors, reflecting Dangote Group’s plan to widen ownership of the refinery among Nigerians and other investors.
Dangote Group Chairman, Aliko Dangote, said the public offer was driven largely by the desire to give more people an opportunity to own part of the business rather than an immediate need for funds.
He disclosed that the group had about $46 billion in investments planned through 2030 across its refining, cement and fertiliser businesses.
The Dangote refinery, currently operating at about 700,000 barrels per day, is being expanded to 1.4 million barrels per day. The group also plans to construct another 700,000-barrel-per-day refinery in Kenya, which would bring its potential total refining capacity to 2.1 million barrels per day.
Dangote said the group was targeting a market value of $350 billion by 2030 and planned to list its various businesses on the Nigerian Exchange.
The company had previously received strong demand from private investors after seeking $1 billion in a private placement. Applications reached $3.7 billion, prompting the company to accept $2.5 billion and refund $1.2 billion.
The current public offer represents about 3.3 per cent of the refinery’s enlarged share capital, with proceeds expected to contribute to the financing of its planned $14.3 billion expansion.
The Dangote Refinery IPO will remain open until October 13, 2026, after which the final level of subscriptions will be determined following reconciliation of applications.
