Aliko Dangote is stepping up efforts to attract as many as 10 million investors to the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, as the company launches a major marketing campaign across Nigeria.
The IPO, which is expected to close on October 13, is targeting $1.6 billion in funding, with a significant portion expected to come from retail investors across Africa.
The fundraising is part of Dangote Refinery’s broader expansion plans, with the proceeds expected to support the company’s ambition to double its production capacity to 1.4 million barrels of crude oil per day by the first quarter of 2029.
If achieved, the expansion would place the refinery among the largest refining facilities in the world.
The push to attract millions of investors represents a major effort to widen public participation in the refinery, particularly among individual investors.
Marketing activities have intensified across Nigeria’s commercial centres as the company seeks to build interest ahead of the offer’s closing date.
The IPO comes as Dangote Refinery continues to expand its operations and strengthen its position within Nigeria’s oil and gas industry.
Increasing its capacity would also significantly raise its potential contribution to the domestic and regional fuel supply chain.
For investors, the offer provides an opportunity to take part in the growth of one of Africa’s most prominent industrial projects, while for Dangote, the fundraising could provide additional capital to finance the refinery’s next phase of expansion.
With October 13 approaching, the scale of the marketing campaign highlights the company’s ambition to bring millions of retail investors into the offer and make the IPO one of the most widely participated investment opportunities in Nigeria.
