Africa’s richest man Aliko Dangote has closed the continent’s biggest initial public share offering for the oil refinery, claiming to have raised funds from investors in 120 countries.

The IPO for the Dangote Petroleum Refinery was initially due to close on October 13 but was extended by two weeks to allow more Africans to participate. It closed today, Wednesday, October 27.

The company did not disclose how much money was potentially raised by the offering, after saying its target was $1.6 billion.

But Aliko Dangote said earlier this month that it had exceeded that goal by “more than three, four times”.

“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,” he said in a statement late Tuesday.

The massive refinery has a capacity of 700,000 barrels per day and aims to double its output to 1.4 million barrels per day, potentially making it the world’s largest refinery, surpassing the Jamnagar refinery in India.

Investors from all 54 African countries and five other continents participated in the offering, the company said.

“Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business and the confidence that investors are placing in the future of this refinery,” Aliko Dangote said.

“The opportunity to own a stake in a major African industrial enterprise has reached investors across every African country and all six inhabited continents,” he added.

[File photo] Opening ceremony of Dangote Refinery’s IPO on the NGX, September 14,2026

Dangote Petroleum Refinery & Petrochemicals has confirmed that its Initial Public Offering (IPO) will close on Tuesday, 27 October 2026 as scheduled, with no extension.

In a statement, the management said that the IPO has become a historic ownership moment, an opportunity for Africans at home and abroad to own a stake in one of the continent’s most strategic industrial assets.

“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa,” management said.

The offer was structured to ensure ordinary investors participate alongside institutions, broadening ownership of the world-class asset.

“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.

Aliko Dangote visited the London Stock Exchange on Friday, October 23, 2026, as Dangote Cement Plc prepares a proposed $1 billion share sale and a secondary listing in the United Kingdom.

The company is reportedly targeting November 2026 for the listing, subject to market conditions and regulatory approval.

A video circulating on social media captured the visit, with exchange officials and attendees welcoming Africa’s richest man.

The trip is part of efforts to pull international investment into his business empire.

The proposed deal could see Dangote Cement offer about 10% of its equity to international investors, potentially raising roughly $1 billion.

The final timetable is not fixed and remains subject to market conditions and regulatory requirements.

Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.

That could raise the company’s visibility with international institutional investors, including pension funds, asset managers and other investment firms.

The share sale has not been completed. Its final structure, valuation and pricing are still subject to confirmation.