The $1.6 billion Initial Public Offering of Dangote Petroleum Refinery attracted billions of naira in subscriptions within minutes of opening on Monday, according to Aigboje Aig-Imoukhuede, chairman of Access Holdings Plc. Aig-Imoukhuede, a former chairman of the Nigerian Exchange (NGX), disclosed this at the Facts Behind the Figures presentation at the NGX in Lagos. He said that billions of naira had been subscribed by thousands of investors within minutes or under an hour. Alhaji Umaru Kwairanga, chairman of NGX Group, corroborated that subscription had crossed N10 billion before 8:00am. The IPO is the largest in African capital market history.
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