Nigeria – Dangote Petroleum Refinery is targeting 10 million retail investors through its initial public offering (IPO), more than double the 4.5 million retail subscribers recorded by Saudi Aramco during its landmark 2019 listing.
According to Business Insider Africa, Dangote Refinery CEO David Bird announced the target while speaking at the Fujairah Energy Markets Forum.
Bird said Aramco’s retail participation was being used as the benchmark for the Nigerian refinery’s IPO.
“Our benchmark is the Aramco listing, which I think (had) over 4.5 million retail subscribers,” Bird said, as per Reuters.
“So we are going to try and smash that with 10 million retail subscribers and we are well on our way.”
The IPO, launched in September, is seeking to raise up to 2.15 trillion naira ($1.6 billion), with the proceeds intended to support the expansion of the Lagos refinery.
The refinery currently has a processing capacity of about 700,000 barrels per day, with plans to double this to 1.4 million barrels per day by 2029. Business Insider Africa reported that the expansion could make it the world’s largest refinery by capacity.
Moneyweb, citing Bloomberg, reported that the IPO values the refinery at about $49 billion and that the funds are intended to help finance the expansion.
Investor interest has reportedly been strong. Dangote previously described demand as “enormous”, while Nigerian fintech platform Bamboo said the expected wave of retail demand had instead been “more like a tsunami” after investors rushed to participate.
Punch Newspapers reported that investors can participate with a minimum subscription of 10 shares at 5,250 naira, as Dangote seeks to broaden ownership beyond wealthy and institutional investors.
Dangote has described the offering as an “IPO for the people”, saying the aim is to spread ownership of the refinery across Nigeria and the rest of Africa.
The IPO is scheduled to close on 13 October 2026, with the company able to raise more if the offer is oversubscribed.
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Compiled by Betha Madhomu
