The refinery of Nigerian billionaire Aliko Dangote has closed its initial public offering (IPO), collecting applications from investors in 120 countries. The company presented this offering as the largest stock offering in Africa.
Initially, the closing date for the Dangote refinery offering, located in Lagos, was set for October 13, but it was extended by two weeks to provide more opportunities for African investors to participate.
The company did not disclose the total amount raised, although the initial target was $1.6 billion. Dangote previously stated this month that the amount raised exceeded this target 'more than three or four times.'
In a statement on Tuesday evening, Dangote noted: 'This is a historic achievement for Africa. It shows that it is possible when we believe in our continent, work together, and invest in our common future.'
The company reported that investors participated from all 54 African countries and five other continents, highlighting international interest in the refinery and the opportunity to invest in a major African industrial enterprise.
Dangote also commented: 'Applications from investors from 120 countries demonstrate exceptional international interest in our business and the confidence investors place in the future of this refinery.'
The refinery has a production capacity of 700,000 barrels per day and plans to double this figure to 1.4 million barrels per day, which will allow it to become the world's largest, surpassing the Jamnagar complex in India.
In July, the refinery attracted $2.5 billion in investment from private investors. Last month, the company also began construction of a planned $16 billion refinery in Lamu Island, Kenya, which will have a design capacity of 700,000 barrels per day.
According to an April report by the Africa Finance Corporation, Africa imports over 70% of its refined fuel, indicating the continent's dependence on foreign supplies and the potential role of expanding domestic refining capacity in reducing this dependence.