LAGOS, Nigeria — The initial public offering (IPO) of Dangote Petroleum Refinery has attracted orders worth approximately ₦6.4 trillion, nearly three times its targeted demand, as the company’s share sale draws strong interest from Nigerian investors.

Two people familiar with the transaction told Reuters that orders from retail and institutional investors in Nigeria had reached about $4.78 billion. The offer, valued at approximately $1.6 billion, closed on Tuesday, 27 October 2026.

The level of demand could prompt the refinery to increase the size of the offering through a greenshoe option, which would allow it to raise as much as $2.1 billion. However, the possible expansion had not been officially confirmed, and a Dangote spokesperson declined to comment on the reported demand or the potential use of the option.

More than two million investors had reportedly subscribed through digital channels, with additional applications expected from other African markets. The offering was promoted as “The People’s IPO”, reflecting billionaire industrialist Aliko Dangote’s stated ambition to widen public participation in the refinery’s ownership.

The company offered its shares at ₦525 each, with a minimum application of 10 shares, according to its official offer information. The strong reported demand points to significant investor interest, although the final number of successful applicants and the allocation of shares will depend on the formal allotment process.

The next stage is the review of applications and determination of share allocations. The company’s published timetable provides for the submission of the proposed allotment basis to the Securities and Exchange Commission in November, followed by the allocation process and a planned listing on the Nigerian Exchange. The timetable remains subject to the relevant approvals.

The IPO comes as the refinery expands production and exports. Built at an estimated cost of $20 billion, the facility has a crude-processing capacity of about 700,000 barrels per day and aims to increase that capacity to 1.4 million barrels per day by 2029. Its exports include refined petroleum products supplied to markets in Africa and Europe.

While the reported demand represents a substantial response to the share sale, the refinery’s eventual market performance will depend on its financial results, operating costs, expansion plans and wider market conditions. Investors also face the usual risks associated with share ownership, including the possibility that the value of their holdings could fall.

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