Dangote Targets 10 Million Investors in Africa’s Biggest IPO

The Dangote Group has launched an initial public offering for its flagship refinery in Nigeria, pitching the sale as an "IPO for the people" and aiming to attract up to 10 million retail investors. The offer seeks to raise $1.6 billion and places a $47 billion valuation on what is currently Africa's largest refinery.

Company messaging emphasizes broad participation: the minimum subscription has been set at 10 shares to enable ordinary Nigerians and other Africans to acquire a stake. Nigerian Exchange CEO Jude Chiemeka noted that the country currently has roughly 2.7 million active investor accounts, so reaching the 10 million target would represent a roughly fourfold increase in retail participation.

Proceeds from the offering are earmarked for a $14 billion expansion plan to boost throughput from about 700,000 barrels per day now to 1.4 million bpd by 2029. The IPO subscription window closes on October 13. Early appetite was intense, with digital investment platforms experiencing sudden surges in traffic and some, including Bamboo, reporting outages shortly after the offering opened.

Dangote is expected to retain a commanding majority following the listing, keeping more than 80% of the shares. Bloomberg calculations cited in coverage indicate that the public float could lift Aliko Dangote's net worth by roughly 64% to about $58.6 billion.