Dangote Petroleum Refinery and Petrochemicals has said 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 level of participation reflected interest from investors across the continent in owning shares in the refinery, whose offer is scheduled to close on 27 October, 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 broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days. It attributed the performance to 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 30 September, 2026, compared with a loss of $117.2m in the corresponding period of 2025.
According to the company, revenue rose by 144 per cent from $9.2bn in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation increased nearly ninefold to $5.5bn from $627.6m.
Operating cash flow also rose 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 broaden access and reduce barriers to participation for investors across Africa.
It added that the IPO offered investors an opportunity to become shareholders in one of Africa’s largest industrial enterprises, with the potential for 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 widen participation.
The refinery stressed that “no further extension of the offer period is currently planned”.