President of Dangote Group, Aliko Dangote, has confirmed that the Abu Dhabi National Oil Company (ADNOC), some governments and other strategic investors have expressed interest in acquiring stakes in the Dangote Petroleum Refinery.
Dangote made this known in Lagos on Monday after a signing ceremony related to the refinery’s planned Initial Public Offering (IPO). He, however, declined to disclose details of the potential investments, citing non-disclosure agreements with the interested parties.
The billionaire businessman said the level of investor interest had been significant, recalling that an earlier $1 billion private placement attracted demand 3.7 times the amount offered.
He expressed confidence that the current public offer would also attract strong demand when it opens, describing the refinery as a long-term investment that was not built around temporary geopolitical disruptions.
Dangote also clarified that the IPO was not primarily aimed at raising funds, saying the refinery already generates strong cash flow and has previously raised money through bonds and private placements.
According to him, the broader objective is to give millions of Africans an opportunity to own shares in the refinery and participate in its future growth. The IPO is targeting up to 10 million shareholders across Africa and beyond.