Dangote Petroleum Refinery and Petrochemicals has officially closed its initial public offering (IPO), attracting investor applications from 120 countries, including all 54 African nations, in a landmark development for Nigeria’s capital market.

The public offer closed on Tuesday, October 27, 2026, after the Securities and Exchange Commission (SEC) approved an extension of the subscription period to allow more investors to participate.

The offer, branded The People’s IPO, involved 4.1 billion ordinary shares priced at ₦525 each, with a targeted capital raise of approximately ₦2.15 trillion.

According to the company, applications came from investors across all six inhabited continents, highlighting the international reach of the offer and the growing interest in African-owned industrial businesses.

Aliko Dangote, president and chief executive of Dangote Industries Limited, described the outcome as a historic achievement, saying the participation demonstrated that Africans wanted to invest in, own and share in the growth of businesses developed on the continent.

The refinery’s chief executive, David Bird, also welcomed the broad investor participation, noting that the company’s focus would now be on operational excellence, sustainable growth and long-term shareholder value.

The IPO represents a significant development for Nigeria’s capital market, offering eligible investors an opportunity to acquire shares in one of Africa’s largest industrial projects. It also sought to broaden ownership beyond major institutions by providing access through financial institutions, stockbrokers and digital investment platforms.

With the subscription period now closed, the process moves to the verification of applications, regulatory approval of the basis of allotment and publication of the final results. Successful applicants will receive shares according to the approved allotment, while eligible refunds will be processed under the offer’s terms.

The final amount raised and the number of shares allocated to investors will become clearer as the post-offer process progresses.

The company has also urged investors to remain vigilant against fraudulent offers, warning that payment confirmation does not guarantee share allocation. Official updates on allotment, refunds and the commencement of trading will be published through the refinery’s IPO information portal.

As the process enters its next phase, the outcome will be closely watched for its implications for public investment, cross-border participation and the future of large-scale industrial fundraising in Nigeria and across Africa.