The Chairman of Dangote Industries Limited (DIL), Aliko Dangote, has disclosed that the Initial Public Offering (IPO) of the Dangote Petroleum Refinery failed to meet its target of attracting 10 million investors.
In a statement made at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ) in Lagos, Dangote said the public offer recorded significant participation, attracting millions of investors, although it fell short of the set target.
According to Daily Trust, Dangote attributed the shortfall to time constraints and difficulties encountered by prospective investors in accessing the offer.
He, however, noted that the exact number of participating investors was yet to be officially determined, while expressing satisfaction with the level of public interest recorded.
Comparing the participation with other major public offerings, Dangote referenced GTBank’s public offer, which he said attracted approximately 200,000 investors.
He also cited Kenya’s Safaricom share offer, which attracted fewer than 900,000 investors, and Saudi Aramco’s global IPO, which recorded approximately five million investors.
Dangote maintained that despite falling short of the 10 million target, the refinery’s IPO attracted millions of participants, describing the response as evidence of growing public confidence in African businesses and investment opportunities.
The Dangote Petroleum Refinery’s public offer, tagged ‘The People’s IPO’, involved 4.1 billion shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250.
The offer opened on September 14, 2026, and was subsequently extended to October 27, 2026, to allow more prospective investors to participate.
Dangote had earlier announced the 10 million-investor target as part of efforts to broaden ownership of the refinery and provide more people with an opportunity to invest in the business.
Source: Daily Trust