Dangote Petroleum Refinery and Petrochemicals has closed its ₦2.15 trillion public share offer after receiving investor applications from 120 countries, including all 54 African countries, in a transaction that could broaden access to one of Nigeria’s largest industrial businesses.
The offer closed on Tuesday, October 27, after the Securities and Exchange Commission approved an extension of the subscription period from October 13. The company confirmed the closure on Wednesday, with the process now moving to application verification and share allotment.
The public offer comprised 4.1 billion ordinary shares priced at ₦525 each, representing a potential raise of about ₦2.15 trillion before any applicable adjustments. The offer was designed to attract both Nigerian and international investors, with applications received across six inhabited continents, according to the company’s official announcement.
Reuters reported on October 27, citing sources familiar with the transaction, that subscriptions had reached approximately ₦6.4 trillion, about three times the original target. The figure suggests strong demand for the shares, although investors should await the company’s official post-offer results for confirmation of the final subscription level.
The breadth of participation is a significant feature of the offer. Dangote Refinery used banks, stockbrokers and digital investment platforms to widen access, allowing eligible investors in different markets to apply without having to rely solely on traditional, locally based investment channels.
For Nigeria’s capital market, the offer represents an opportunity to bring a major privately held industrial business into public ownership. It also tests whether retail and institutional investors across Africa can be mobilised to finance large-scale industrial projects through more accessible investment channels.
However, the level of interest does not by itself establish the value investors will ultimately receive from the shares. The refinery’s future market performance will depend on factors including profitability, operating costs, crude supply, product sales, expansion spending and the terms on which the shares begin trading.
The company said the offer had moved into post-offer processing. Registrars will verify applications before the proposed basis of allotment is submitted for regulatory approval. The final number of shares allocated to each applicant, any refunds and the commencement of trading will depend on the approved process and official timetable.
Investors should therefore rely on announcements from the refinery, the issuing houses and authorised market channels for updates. Until allotment and listing are completed, an application receipt or payment confirmation should not be treated as proof that shares have been allocated.
The next key milestone is the publication of the approved allotment results, which will establish how the shares are distributed and provide greater clarity on the outcome of the offer.
