The Dangote Petroleum Refinery Initial Public Offering (IPO) recorded a strong start as investors subscribed billions of naira worth of shares within minutes of the offer opening to the public.

Chairman of Access Holdings, Aigboje Aig-Imoukhuede, disclosed that the offering attracted significant interest from retail and institutional investors, reflecting growing confidence in the refinery and Nigeria’s capital market.

The IPO, described as Africa’s largest share offering, is expected to raise more than ₦2 trillion through the sale of billions of ordinary shares to investors.

Market analysts attributed the early rush for subscriptions to the refinery’s strategic importance in Nigeria’s energy sector and investor expectations regarding its future growth and profitability.

The public offer follows an earlier private placement that attracted substantial investments from major financial institutions and investment groups.

The refinery, which began operations in 2024, has played a major role in boosting domestic refining capacity and reducing Nigeria’s reliance on imported petroleum products.

Industry stakeholders believe the strong investor response could further deepen participation in the Nigerian capital market and encourage broader public ownership of major industrial assets.