The Dangote Refinery IPO attracted investors from 120 countries, all 54 African countries

Nigeria-based Dangote Petroleum Refinery has completed Africa’s largest initial public offering after raising funds from investors in 120 countries.

The IPO of the company owned by Africa’s richest man, Aliko Dangote, was originally scheduled to close on October 13, but was extended by two weeks to allow more Africans to participate.

The company did not disclose how much money it could potentially raise from the offering, having said the target was $1.6 billion.

But Aliko Dangote said earlier this month that it had exceeded that target “more than three, four times”.

“This is a historic achievement for Africa. It shows what is possible if we believe in our continent, work together and invest in our shared future,” he said in a statement on Tuesday evening.

The mega refinery has a capacity of 700,000 barrels per day and aims to double its output to 1.4 million barrels per day, potentially making it the largest refinery in the world, surpassing the Jamnagar refinery in India.

Investors from 54 African countries and five other continents participated in the offering, the company said.

“Investor applications reaching 120 countries demonstrate the tremendous international interest in our business and the confidence investors have in the future of this refinery,” Dangote said.

“The opportunity to own shares in major industrial companies in Africa has reached investors in every African country and the six inhabited continents,” he added.

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

Last month, the company broke ground on a planned $16 billion refinery on Kenya’s Lamu Island, with an estimated capacity of 700,000 barrels per day.

Africa currently imports more than 70 percent of its refined fuels, according to a report by the Africa Finance Corporation (AFC) in April.