Nigeria’s Dangote Petroleum Refinery has attracted about $4.3 billion in investor demand during its initial public offering, significantly exceeding its fundraising target of approximately $1.6 billion.

The share sale drew nearly 3.8 million individual subscriptions, with interest coming from investors in 120 countries, according to figures reported on November 11, 2026.

The offering involved approximately 4.1 billion shares priced at 525 naira each. Investors submitted requests for around 11.15 billion shares, equivalent to nearly 2.7 times the number available.

Domestic investors accounted for approximately $1.9 billion of the demand, while international investors contributed about $2.1 billion. Participation included institutional investors, pension fund managers and individual shareholders.

The strong response marks a significant milestone for Africa’s largest oil refinery, which was developed by Nigerian billionaire Aliko Dangote. However, the number of subscribers remains below Dangote’s initial ambition of attracting up to 10 million shareholders.

Located in the Lekki area near Lagos, the refinery has an installed processing capacity of 650,000 barrels of crude oil per day. Commercial operations began in 2024, following an estimated investment of $20 billion.

The company plans to use the stock market listing to broaden ownership of the industrial facility and attract investment from both domestic and international capital markets.

The strong demand highlights investor interest in large-scale industrial assets in Africa, although the final allocation of shares and the amount ultimately raised will determine the outcome of the offering.