Aliko Dangote has said investor demand for the ongoing initial public offering (IPO) of the Dangote Petroleum Refinery has been “enormous”, highlighting strong interest in the company’s effort to raise additional capital.
Dangote made the disclosure on Tuesday, September 29, 2026, while speaking with reporters in Nairobi, Kenya. The refinery’s $1.6 billion share offer was launched earlier in September and is designed to raise funds to support an expansion of the Lagos facility.
According to Reuters, Dangote said he was surprised by the depth of interest in Nigeria’s capital market because the country had not previously tested it on this scale.
The IPO is scheduled to close on October 13, 2026. The offer could raise as much as $2.1 billion if it becomes oversubscribed, according to the report.
The strong demand has also been reflected among retail investors. Bamboo, a Nigerian financial technology platform, reportedly recorded a 350% increase in new accounts in the week before the IPO opened, with the growth becoming even stronger after the offer began.
Dangote Refinery is seeking to expand its capacity significantly. The company has described the offering as a “people’s IPO”, with the expansion intended to increase the refinery’s production capacity.
Beyond Nigeria, Dangote is also moving forward with plans for a new refinery in Kenya. Construction of the proposed 700,000-barrel-per-day refinery in Lamu is expected to begin this week, with the project estimated to cost about $16 billion.
Kenya and Rwanda are among the governments that have expressed interest in taking stakes in the project. Dangote said participating governments would be allowed to spread payments for their equity contributions over four years.
The proposed Kenyan refinery is expected to source crude oil from regional producers as well as international suppliers, including producers in the Middle East and the United States.
The development comes as Dangote seeks to build a larger presence in Africa’s energy sector. The company expects the Kenyan refinery to support related industries such as petrochemicals and to serve markets across East Africa.
Meanwhile, Nigeria’s Securities and Exchange Commission has advised prospective investors to use only officially approved channels when applying for the Dangote Refinery IPO. The SEC also warned investors against unsolicited messages or platforms claiming to offer preferential allocations.
