Investors have shown strong appetite for shares in Dangote Refinery, subscribing more than N10 billion within hours of the company’s Initial Public Offering (IPO) opening on Monday.

The development underscores the significant investor interest surrounding the landmark offer, which is seeking to make Dangote Refinery one of the most widely held companies in Nigeria.

Chairman of the Nigerian Exchange(NGX) Umaru Kwairanga, disclosed the subscription figure at the Facts Behind the Figures ceremony held at the NGX in Lagos.

“From eight o’clock today, we are talking of over 10 billion and above that have already joined,” Kwairanga said.

His disclosure came shortly after Chairman of Access Holdings, Aigboje Aig-Imoukhuede, revealed that billions of naira had already been subscribed by thousands of investors within minutes of the offer opening.

“With this particular, sterling, historic offer and what I have seen in the data room, where already billions of naira have been subscribed by thousands of investors within minutes or under an hour, you are a blessing to humanity,” Aig-Imoukhuede said.

The IPO opened on Monday, September 14, offering Dangote Refinery shares at N525 each.

Investors are required to purchase a minimum of 10 shares, meaning the minimum investment is N5,250.

The offer, which is expected to run until October 13, is targeting up to 10 million shareholders and is expected to raise about N2.15 trillion.

The funds will support the refinery’s expansion plans, including increasing its processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2030.

The landmark offering has attracted major stakeholders from Nigeria’s financial and business sectors, with the refinery expected to list on the Nigerian Exchange following the conclusion of the offer.

Africa’s richest man and President of Dangote Group, Aliko Dangote, officially opened trading activities for the IPO at the NGX ceremony on Monday.

The strong early subscription indicates heightened investor confidence in the refinery and could make the offer one of the most significant developments in Nigeria’s capital market in recent years.