Dangote refinery share sale drew $4.77bn in orders, three times its target
The group is now talking to other African stock exchanges about letting their investors buy in from home.
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Lagos — The Dangote Petroleum Refinery's share sale attracted about ₦6.4 trillion ($4.77 billion) in investor orders, roughly three times the $1.6 billion it set out to raise, according to people familiar with the offer.
The offer of 4.1 billion shares at ₦525 each closed on 27 October. The order figure is demand, not money raised: applications are still being checked, many investors will get fewer shares than they asked for, and excess funds must be returned. The refinery may issue up to 30% more shares if regulators approve.
Under the indicative timetable, the basis of allotment goes to regulators on 10 November, with clearance targeted for 17 November. Trading on the Nigerian Exchange is expected to follow, though the dates can still change.
Opening the door to other African markets
Dangote Group has been talking to African stock exchanges since April about widening access to the shares, Reuters reported on Wednesday. Edoh Kossi Amenounve, chief executive of the BRVM, the regional exchange for eight West African countries, said the talks began at Dangote's invitation.
One option is global depositary receipts, which would let investors in another country buy a locally traded instrument that represents refinery shares. The Nigerian Exchange has also been working with exchanges in Egypt, Kenya, Botswana and Ethiopia on similar links.
Amenounve said the main obstacle is that each market has its own rules, and called on African regulators to recognise one another's approvals. "Maybe it is time to think about harmonisation and mutual recognition," he said.
The money will help double the refinery's capacity from about 700,000 barrels a day to 1.4 million.
Source: Business Insider Africa, Reuters, November 2026.
