The Dangote Refinery IPO attracted investors from 120 countries, with Aliko Dangote saying the offering exceeded its $1.6 billion target several times over

The Dangote Petroleum Refinery, owned by Nigerian billionaire Aliko Dangote, has closed its initial public offering (IPO), attracting applications from investors in 120 countries across all six inhabited continents, according to the company.

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The Lagos-based refinery initially scheduled the share offering to close on October 13 but extended the deadline by two weeks to give more Africans an opportunity to participate.

The company has not disclosed the final amount raised through the offering.

It had initially set a fundraising target of $1.6 billion, although Dangote said earlier in October that the amount attracted had exceeded the target by “more than three, four times”.

In a statement issued late Tuesday, Dangote described the outcome as a significant milestone for Africa.

“This is a historic achievement for Africa. It shows what is possible when we believe in our continent, work together and invest in our shared future,” he said.

The company said applications came from investors in all 54 African countries, as well as five other continents, reflecting broad international interest in the refinery.

“Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business and the confidence that investors are placing in the future of this refinery,” Dangote said.

“The opportunity to own a stake in a major African industrial enterprise has reached investors across every African country and all six inhabited continents,” he added.

The refinery has a stated processing capacity of 700,000 barrels of crude oil per day.

It plans to double that capacity to 1.4 million barrels daily, a move that could make it the world’s largest refinery, overtaking India’s Jamnagar refinery.

In July, the company secured $2.5 billion in investment from private investors, according to the report.

Separately, the company broke ground last month on a planned $16 billion refinery on Kenya’s Lamu Island.

The proposed facility is expected to have a capacity of 700,000 barrels per day.

The investments come as African countries continue to rely heavily on imported refined petroleum products.

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An April report by the Africa Finance Corporation estimated that the continent imports more than 70 per cent of its refined fuel, highlighting the role expanded local refining capacity could play in regional energy supply.