Aliko Dangote has disclosed that the public offer of Dangote Petroleum Refinery failed to attract its targeted 10 million investors, despite receiving subscription orders worth approximately ₦6.4 trillion. Speaking at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ) in Lagos, he attributed the shortfall to limited time and difficulties some potential investors experienced accessing the offer.
The refinery offered 4.1 billion ordinary shares at ₦525 each, representing a total offer value of ₦2.15 trillion. Although the offer opened on September 14 and was initially scheduled to close on October 13, the deadline was extended to October 27, with investors allowed to subscribe for a minimum of 10 shares valued at ₦5,250.
Dangote said the company could not reach its investor target because many people struggled to access the offer within the available period. However, the ₦6.4 trillion subscription demand, nearly three times the value of shares offered, demonstrated significant interest in the refinery’s ownership opportunity, even though the ambition to attract 10 million individual investors remains unfulfilled.
