Aliko Dangote has disclosed that investors expressed interest worth about $2bn in the ongoing private share sale of the Dangote Petroleum Refinery ahead of its planned initial public offering.

Dangote made the disclosure during an interview on Arise TV, saying the offer attracted significant attention from investors, although the company would not accept all bids submitted during the process.

The private placement is part of plans to sell a portion of shares in the refinery business before listing the company on the stock market.

Located in Lagos, the 650,000 barrels-per-day refinery is one of the largest single-train refineries in the world and is expected to play a major role in reducing Nigeria’s dependence on imported fuel.

The refinery has already begun supplying refined petroleum products to the domestic market and exporting to other African countries, positioning it as a key player in the region’s energy sector.

Strong investor demand for the share sale reflects growing confidence in the refinery’s long-term prospects and Nigeria’s downstream oil industry.