Dangote Refinery IPO attracts investors from 120 countries, all 54 African nations

Nigerian firm Dangote Petroleum Refinery has successfully completed its largest initial public offering (IPO) in Africa, garnering support from investors across 120 nations. The IPO, owned by Africa's wealthiest individual, Aliko Dangote, was initially set to conclude on October 13 but received an extension of two weeks to facilitate greater participation from African investors.

While the company has not disclosed the exact funds raised, Aliko Dangote claimed the offering surpassed initial targets of $1.6 billion by "more than three, four times". Speaking in a statement, Dangote highlighted the historical significance of the achievement, emphasizing the potential of Africa when its people unite and invest in their collective future.

The Dangote refinery, boasting a capacity of 700,000 barrels per day, plans to double its output to 1.4 million barrels per day, potentially becoming the world's largest refinery, surpassing the Jamnagar refinery in India. Investors hailing from all 54 African countries, as well as five other continents, participated in the offering, according to the company.

Dangote expressed his amazement at the global interest in the refinery, stating that the global investors' confidence in the refinery’s future has been received across the African continent and all inhabited continents. In July, the refinery secured a $2.5 billion investment from private investors. Earlier this month, Dangote announced the commencement of construction on a planned $16 billion refinery project on Kenya's Lamu island, targeting a production capacity of 700,000 barrels per day.

Africa presently imports over 70 percent of its refined fuel, as reported by the Africa Finance Corporation (AFC) in April.