Aliko Dangote has launched Africa’s largest initial public offering this month, seeking $1.6 billion for a refinery valued at $47 billion while pitching the deal as an “IPO for the people” in a country with 243 million residents and only 2.7 million active investment accounts. The subscription window closes October 13.

The offer terms

The marketing campaign sets a minimum subscription of just 10 shares, a threshold designed to draw ordinary Nigerians into a market that has historically served institutions and high-net-worth individuals. Proceeds are earmarked for a $14 billion expansion plan that would double crude processing capacity from roughly 700,000 barrels per day to 1.4 million bpd by 2029. The source does not disclose whether the $1.6 billion raise is primary or secondary, nor does it state a premium to any undisturbed price, a break fee, or other deal protections.

The demand surge

Retail appetite overwhelmed the digital infrastructure on day one. Bamboo, one of Nigeria’s largest investment platforms, recorded traffic ten times its normal level within 30 minutes of the launch and suffered outages, according to co-founder and chief operating officer Yanmo Omorogbe. Jude Chiemeka, chief executive of the Nigerian Exchange, told Bloomberg the offer could quadruple the number of retail shareholder accounts in the country.

The control structure

Even after the offering, Dangote will retain more than 80 percent of the shares. Bloomberg calculates his personal wealth could rise 64 percent to as much as $58.6 billion on paper. The stated rationale, giving workers and entrepreneurs a stake in the refinery’s future growth, is a claim from the issuer; the terms leave voting control and the bulk of the upside with the founder.

What to watch next

The subscription period runs through October 13. The test will be whether the retail inflows sustain through the full window or concentrate in the early surge, and whether the $14 billion expansion timeline survives the inevitable cost and schedule pressures of a project that has already missed prior deadlines.