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Dangote Petroleum Refinery & Petrochemicals says its ongoing Initial Public Offering (IPO) has drawn subscriptions from investors in more than 90 countries, including 51 of Africa’s 54 nations, ahead of its close on October 27, 2026.
In a statement, the company described the offer as Africa’s first truly pan-African public offering.
It said the IPO broke the Nigerian market record on its opening day and surpassed the previous African record within ten days, driven by retail investors, pension funds, institutional investors and asset managers.
“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,” said Murat Erden, Chief Financial Officer of Dangote Group.
The company also published results for the nine months ended September 30, 2026, reporting revenue of $22.5 billion and net profit of $4.7 billion. In the same period of 2025, it posted a loss of $117.2 million.
Revenue rose 144 per cent from $9.2 billion, while EBITDA climbed nearly nine-fold to $5.5 billion from $627.6 million. Operating cash flow grew more than ten-fold to $3.68 billion.
The balance sheet also strengthened. The refinery moved from a net debt position of $1.73 billion in September 2025 to net cash of $651 million in September 2026.
Erden said current performance exceeds the assumptions behind the IPO valuation.
“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation,” he said.
The offer has also involved cross-border market collaborations with Botswana, Egypt, Ethiopia and Kenya, which the company said helped widen access for investors across the continent.
It described the arrangement as a “blueprint” for future continent-wide offerings.
Investors may receive dollar-linked dividends, the company said, subject to its dividend policy and regulatory approvals.
With the offer closing on October 27, the refinery said it has stepped up investor education across key markets and does not currently plan any extension of the offer period.
“We are witnessing the emergence of a new chapter in African industrial ownership and capital-market development, a resounding vote of confidence in Africa’s future,” Erden added, citing the response from investors in 51 African countries and over 90 countries globally.
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