Business

Dangote Refinery IPO Attracts N8.61trn in Subscriptions, Four Times Offer

The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate…

Published

3 weeks ago

October 13, 2026

OCHEFA

142 Views

Strong investors demand for Dangote Petroleum Refinery’s public offer has prompted two-week extension of share offer to October 27 as the company seeks wider participation across Africa.

In a statement by the Dangote Group on Monday, Dangote was quoted as saying that the company originally targeted to raise N2.15 trillion but the offer had been over subscribed to about N8.61trillion.

The N8.61 trillion figure represents an estimate based on reported subscriptions of roughly four times the IPO’s N2.15 trillion offer value.

The company has not officially confirmed the exact subscription amount.

He said that the two weeks extension was not driven by a need to raise more money but by the company’s desire to give more Africans an opportunity to own shares in the business.

The IPO comprises 4.1 billion ordinary shares priced at N525 each, giving the offer a total value of N2.1525tn if all the shares are subscribed.

“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate.

Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation. We are now trying to replicate that arrangement with other African exchanges to ensure wider participation,” he said.

Related Topics:Dangote Refinery's IPO Featured

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Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

4 hours ago

November 5, 2026

OCHEFA

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

1 day ago

November 4, 2026

OCHEFA

100 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.