Dangote Petroleum Refinery and Petrochemicals has attracted subscriptions from investors in 51 of Africa’s 54 countries, with participation also recorded in more than 90 countries worldwide. The development marks a major milestone for the ongoing initial public offering (IPO), which aims to expand ownership of one of Africa’s largest industrial investments beyond Nigeria. The offer is scheduled to close on 27 October 2026.
The company said the IPO broke a Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days. According to the refinery, demand has come from retail investors, pension funds, institutional investors, asset managers and other members of the investing public. The company described the offering as an opportunity for Africans and international investors to own a stake in a major industrial asset on the continent.
Murat Erden, Chief Financial Officer of Dangote Group, said the level of participation reflected growing interest in African ownership of strategic businesses. He said the offering went beyond raising capital, providing investors with an opportunity to participate in industrial development and share in the wealth created by major businesses. The company also highlighted collaborations involving Botswana, Egypt, Ethiopia and Kenya to broaden access and ease cross-border participation.
The investor response comes amid an improvement in the refinery’s reported financial performance. For the nine months ended 30 September 2026, the company reported revenue of $22.5 billion and net profit of $4.7 billion, compared with a loss of $117.2 million in the corresponding period of 2025. Revenue increased by 144 per cent from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to $5.5 billion from $627.6 million. The company also reported that operating cash flow climbed to $3.68 billion.
The refinery said its financial performance had exceeded the baseline assumptions used in determining the IPO valuation, citing its operational growth, scale and efficiency. It added that investors could potentially receive dollar-linked dividends, subject to the company’s dividend policy and relevant regulatory approvals. With the offer deadline approaching, the company said it had intensified investor education and engagement across key markets and that no further extension was currently planned.
