Aliko Dangote has said the ongoing initial public offering (IPO) of shares in the Dangote Petroleum Refinery has attracted “enormous” investor demand, although he did not disclose subscription figures.

Dangote made the disclosure on Tuesday while speaking to reporters in Nairobi, saying the response had given him a new appreciation of the depth of Nigeria’s capital markets.

«“Demand is there, enormous demand. In fact, I didn't know the depth of our capital markets until now, really, because we have never tested it,” Dangote said.»

The $1.6 billion IPO, launched on the Nigerian Exchange in September, is offering 4.1 billion shares at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer is scheduled to close on October 13, 2026.

The share sale is being marketed as the “IPO for the People”, with Dangote targeting up to 10 million retail investors across Africa. The proceeds are intended to support the expansion of the Lagos refinery, with plans to increase its capacity from about 700,000 barrels per day to 1.4 million barrels per day.

The offer can also be increased if demand remains strong, potentially taking the total amount raised to about $2.1 billion. The refinery is valued at roughly $49 billion under the IPO structure.

The offering generated strong interest shortly after its launch, with reports of temporary outages on some investment platforms as investors attempted to subscribe. However, Dangote did not provide an updated figure for total subscriptions on Tuesday.

The IPO comes after the refinery attracted nearly $2 billion in investor requests for a private placement earlier in the year, according to reports.

Meanwhile, Dangote is also advancing plans for a 700,000-barrel-per-day refinery in Kenya, with the groundbreaking ceremony scheduled in Nairobi. The Dangote Group is expected to hold a 70 per cent stake in the project, while regional governments will hold the remaining interest. Kenya and Rwanda are among the governments expected to participate, with their equity payments allowed to be spread over four years.

The development comes as Dangote seeks to expand his group’s refining operations across Africa while using capital markets to finance the growth of its energy business.