EXCLUSIVE: Dangote Refinery IPO records 1.55 million online subscribers, total retail count could reach five million

Nairametrics gathered the online subscription figures from reliable sources with knowledge of the transaction.

About 2.2 million online subscription transactions were recorded during the offer, according to information obtained by Nairametrics.

Bamboo led the transaction count with more than 600,000 transactions valued at about N99 billion.

The figures highlight the role of investment platforms and financial institutions in attracting online retail investors to the offer. Bamboo, a stock market app known for providing access to foreign stocks, accounted for the largest transaction count among the platforms identified in the findings.

Offline subscriptions could lift participation

IPO attracted investors across 120 countries

Nairametrics previously reported that the IPO attracted investor applications from 120 countries, including all 54 African nations. According to the company, applications came from all six inhabited continents.

The offer opened on September 14, 2026, supported by banks, stockbrokers, fintech platforms and other distribution partners. Its original closing date was subsequently extended, giving prospective investors more time to participate.

The company linked the offer to its ambition to broaden African ownership of the refinery. Aliko Dangote said it was intended to give ordinary Africans an opportunity to participate in the business, alongside its fundraising objectives.

The international reach provides a wider backdrop to Nairametrics’ findings on online retail subscriptions, which describe one component of participation in the offer.

During the subscription drive, they identified purchasing power as a constraint, even as efforts continued to reach prospective investors through technology platforms and associations.

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