Nigeria's Dangote oil refinery closes 'historic' IPO

Africa's largest ever initial public offering closed on Wednesday after raising funds from investors in 120 countries.

The IPO for Nigeria's Dangote Petroleum Refinery was extended by two weeks to allow more Africans to participate.

The initial target was to raise $1.6 billion but the company's owner, Aliko Dangote, earlier this month said it has exceeded its goal by more than three or four times.

Dangote, the continent's richest man, hailed the event as a "historic achievement for Africa" that gave ordinary people the opportunity to have a stake in a long-term asset.

He said the offering reached investors across every African country and all six inhabited continents.

In July, the refinery secured $2.5 billion in investment from private investors.

The Lagos-based refinery has a capacity of 700,000 barrels per day. It aims to double its output, potentially making it the world's largest refinery.

Last month, the company broke ground on a planned $16 billion refinery on Kenya's Lamu island, with a projected capacity of 700,000 barrels a day.

Africa currently imports more than 70 percent of its refined fuel, according to an Africa Finance Corporation (AFC) report in April.

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