Africa’s largest oil refinery attracted billions of naira within minutes of launching its initial public offering (IPO) on Monday, according to senior financial executives speaking at the Nigerian Exchange (NGX) in Lagos.
The $1.6bn (£1.2bn) public offering—the continent’s largest-ever initial public share sale—seeks to attract 10 million shareholders across Africa. The subscription period will run from 14 September to 13 October, with a formal stock market listing scheduled for November.
Speaking at the NGX “Facts Behind the Figures” presentation, Access Holdings Chairman Aigboje Aig-Imoukhuede disclosed that thousands of retail and institutional investors flooded the subscription platforms immediately after opening.
“Within minutes or under an hour, billions of naira have already been subscribed by thousands of investors,” Mr. Aig-Imoukhuede said.
NGX Group Chairman Umaru Kwairanga corroborated the rapid demand, confirming that initial subscriptions had surpassed ₦10bn ($6.2m) shortly after the market opened at 08:00 West African Time.
The IPO values the mega-refinery complex at $49bn. Market analysts estimate that its upcoming listing could expand the NGX’s overall market capitalisation—which stood at ₦157.6tn on Monday morning—by roughly one-third.
Proceeds from the share sale will fund the expansion of the facility’s crude processing capacity, scaling it up from its current 700,000 barrels per day to 1.4 million barrels per day by 2030.
Billionaire industrialist Aliko Dangote officially rang the trading bell in Lagos to launch the offer. The event was attended by leading regional finance leaders, stock exchange executives from Kenya and Botswana, and prominent African banking titans.
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