Dangote Refinery’s IPO closes with investors from 120 countries

The Lagos-based Dangote Petroleum Refinery has closed its IPO, attracting investors from 120 countries, including all 54 African nations. The company did not disclose the amount raised against its $1.6 billion target, though Aliko Dangote said earlier this month that the target had been exceeded by more than three or four times. The refinery currently has capacity for 700,000 barrels per day and plans to double output to 1.4 million, potentially making it the world’s largest. In July, it secured $2.5 billion in private investment.