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An NGX screenshot shows 402,634 transactions and a ₦1.476 trillion transaction amount.
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The Guardian reports that the original post was subsequently deleted.
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Transaction numbers do not establish how many individual investors subscribed.
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A reconciled total is needed to confirm the offer’s actual uptake.
September 15, (THEWILL) – Claims that Dangote Refinery attracted nearly ₦1.5 trillion in early IPO subscriptions trace to a Nigerian Exchange Group social media update that was subsequently deleted, leaving questions about what the widely circulated figures measured.
A screenshot reproduced by MoneyCentral shows 402,634 under “Total Transactions” and ₦1,476,171,994,112 under “Total Transaction Amount”. Its accompanying text attributes the update to the NGX Invest command centre following the offer’s opening on September 14.
Nairametrics reported the amount as subscriptions received within the first hour. Other reports described approximately ₦1.5 trillion received within six hours.
However, the original NGX post had been deleted and the six-hour subscription claim has not been independently confirmed by NGX or the issuing houses.
What the Dashboard Does Not Establish
The screenshot does not identify 402,634 as a count of unique investors. It also does not explain the processing status of the transactions included in the monetary total.
Those details are necessary before describing the figures as people who have invested or money definitively raised.
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Against the ₦2.1525 trillion base offer, the displayed amount would represent approximately 68.6%, if it consists entirely of valid subscriptions for the refinery’s shares. That percentage is a calculation rather than a confirmed subscription rate.
The reported deletion does not establish that the figures were incorrect. An explanation of the dashboard’s coverage and a subsequent update are needed to resolve their meaning.
Earlier Subscription Figures Have Named Sources
An earlier opening-day disclosure provides a separate reference point.
NGX Group chairman Umaru Kwairanga said subscriptions had exceeded ₦10 billion during the launch ceremony. Access Holdings chairman Aigboje Aig-Imoukhuede separately described thousands of investors subscribing within minutes or under an hour. Neither statement supplied an exact investor count.
Bamboo and Cowrywise also acknowledged service disruptions amid unusually heavy traffic. Those statements document pressure on their platforms, but do not quantify completed subscriptions.
Dangote Refinery is offering 4.1 billion shares at ₦525 each, with applications scheduled to close on October 13. A current total of valid applications, accompanied by the number of unique applicants, would establish how far the offer has progressed beyond those opening-day disclosures.
Joy Onuorah is a business journalist and brand communications specialist covering financial markets, artificial intelligence, digital economy, and the ideas reshaping business across Africa and the global market. Beyond her reporting for TheWill, Joy uses brand strategy, storytelling, copywriting, and high-value SEO to help brands build lasting market authority.
