Dangote refinery IPO misses 10m investors target

Aliko Dangote, Chairman of Dangote Industries Limited (DIL), has disclosed that the initial public offering (IPO) of the company’s refinery business failed to meet its target of attracting 10 million investors.

Dangote, however, said the offer recorded participation from millions of investors, describing the level of demand as significant despite falling short of the target.

He spoke at the 25th annual conference of Women in Management, Business and Public Service (WIMBIZ) in Lagos, where he attributed the shortfall to time constraints and difficulties some prospective investors encountered in accessing the offer.

The billionaire businessman said the exact number of participat...