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The Dangote Petroleum Refinery has concluded the largest initial public offering in Africa’s history, with the Lagos-based company reporting participation from investors across 120 countries.
The company did not disclose the total capital raised in the offering, though it had previously set a $1.6 billion target.
Earlier this month, Aliko Dangote, whose conglomerate owns the refinery, stated that investor demand had exceeded the goal by “more than three, four times.”
The share sale was originally slated to close on October 13 but was extended by two weeks to accommodate wider participation across the continent.
According to the company, applications were received from all 54 African nations as well as five other continents.
“This is a historic achievement for Africa. It shows what is possible when we believe in our continent, work together and invest in our shared future,” Dangote said in a statement released late Tuesday.
He added that the global reach of the offering reflects confidence in the refinery’s future, noting that the opportunity to own a stake in the enterprise had reached “all six inhabited continents.”
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The facility currently processes 700,000 barrels per day, with plans to double output to 1.4 million barrels per day. If achieved, this would position it ahead of India’s Jamnagar refinery as the world’s largest.
The company secured $2.5 billion in private investment in July and recently began construction on a separate $16 billion refinery on Kenya’s Lamu island.
According to an April report by the Africa Finance Corporation, Africa imports over 70 percent of its refined fuel.
