Dangote Refinery IPO draws ₦860B+ online retail subscriptions from 1.55M Nigerians
Dangote Refinery's IPO closed Tuesday, October 27, fully subscribed with over ₦860 billion from 1.55 million unique online retail investors across 2.2 million transactions. Bamboo led fintech platforms with 600,000+ transactions worth ₦99 billion, followed by Zenith Bank (₦98B), FirstBank (₦60B), and Chapel Hill (₦57B). The NGX recorded 60,000 transactions at ₦36.4 billion.
Total retail participation could hit five million once offline subscriptions through community groups, associations, and organizations are collated—efforts reached student bodies, market associations, and even police and army personnel via their groups. The offer attracted investors from 120 countries including all 54 African nations.
The offer opened September 14 at ₦525 per share for 4.1 billion shares (targeting ~₦2.15 trillion), originally closing October 13 before SEC approved a two-week extension. Dangote framed it as broadening African ownership of the refinery.
For retail investors watching allocation: offline collation will determine final subscriber numbers. The digital turnout signals unprecedented retail appetite for Nigerian equity—will this reshape how future mega-offers reach everyday Nigerians?