Dangote refinery IPO draws record demand, disrupting Nigerian investment platforms

Aliko Dangote has launched Africa's largest-ever share sale, offering roughly 3% of his refinery to the public in a deal that could raise up to $2.1bn.

• Subscriptions exceeded $7 million within the first hour, with heavy individual investor demand causing temporary technical disruptions at the Bamboo and Cowrywise investment platforms on Monday.
• Dangote said he wanted to give ordinary Nigerians the chance to share in the plant's success, opening the refinery to individual investors for the first time.
• The IPO prices shares at 525 naira each, with a minimum subscription of 10 shares, distributed through 20 commercial banks, 17 fintech platforms, and two telecom operators.
• The refinery, built at a cost of about $20 billion, began commercial operations in February 2024 and has a refining capacity of roughly 700,000 barrels per day.
• If the flotation succeeds, Dangote's net worth could rise by roughly two-thirds to nearly $60bn.
• Proceeds will support his planned $17bn energy complex in Kenya, part of an expansion into heavy manufacturing across Africa.
• Fellow billionaire Tony Elumelu called the IPO a landmark moment for Nigeria and African development.