Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide.
The company said the high level of participation reflected growing interest among investors across the continent in acquiring shares in the refinery. The offer is scheduled to close on October 27, 2026.
In a statement on Sunday, the Chief Financial Officer of Dangote Group, Murat Erden, said, “This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets. The extraordinary participation from individuals and institutions across Africa demonstrates a shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it”.
The company maintained that the IPO set a record in the Nigerian capital market on its opening day and surpassed the previous African record within its first 10 days. It attributed the performance to strong demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
The refinery recently reported revenue of $22.5bn and a net profit of $4.7bn for the nine months ended September 30, 2026, compared with a loss of $117.2m in the corresponding period of 2025.
According to the company, revenue increased by 144 per cent from $9.2bn recorded in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to $5.5bn from $627.6m.
Operating cash flow also increased more than tenfold to $3.68bn, while the company moved from a net debt position of $1.73bn in September 2025 to a net cash position of $651m in September 2026.
Erden said the refinery’s financial performance had exceeded the assumptions used in determining the IPO valuation.
“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation. The refinery’s operational momentum, scale and efficiency continue to create substantial shareholder value and reinforce our confidence in its long-term growth prospects,” he added.
The company disclosed that the offer had also benefited from cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, which it said had helped expand access and lower barriers to participation for investors across Africa.
It added that the IPO provided an opportunity for investors to become shareholders in one of Africa’s largest industrial enterprises, with the potential to earn dollar-linked dividends, subject to the company’s dividend policy and applicable regulatory approvals.
With the offer scheduled to close on October 27, the refinery said it had intensified investor education and engagement activities across key markets to broaden participation.
The refinery emphasised that “no further extension of the offer period is currently planned”.