Africa’s richest man draws refinery IPO subscriptions from 51 African countries as investors from over 90 nations seek a stake

Africa’s richest man, Aliko Dangote, has drawn investors from almost every African country into his refinery’s public share offer, according to a new company disclosure. Dangote Petroleum Refinery and Petrochemicals said on Sunday, 18 October, that it had received subscriptions from more than 90 countries worldwide, including 51 of Africa’s 54 nations.

• Dangote Refinery says investors from more than 90 countries have subscribed to its IPO.
• They include investors from 51 African countries, according to the company.
• The offer closes on 27 October, with no further extension currently planned.
• The announcement does not disclose subscription amounts or individual country totals.

The geographical spread gives a clearer picture of participation in an offering designed to extend ownership beyond Nigeria, where the refinery operates.

The company said the offer remains scheduled to close on 27 October and that no further extension is currently planned. The deadline had previously been moved from 13 October.

According to the company’s 18 October statement, the subscriptions include participation by individuals and institutions. However, it did not publish country-level totals or disclose how much money those applications represent.

From access to participation

The disclosure follows efforts to make the offer accessible through several African capital markets.

BIA previously reported Botswana’s role in serving Southern African investors⁠, while Uganda approved the promotion and distribution of the refinery’s securities to local investors.

These arrangements matter because participation across borders requires more than investor interest: buyers need authorised channels through which to apply and hold their investments.

The latest announcement provides evidence of geographical reach, although subscriptions should not be confused with completed share allotments. It also leaves unanswered how participation is distributed between Nigeria, other African markets and overseas investors.

The share sale comes as the business reports a sharp improvement in earnings.

As BIA reported earlier this month⁠, the refinery recorded approximately $4.7 billion in net profit for the nine months ended 30 September, on revenue of $22.5 billion.

The latest disclosure highlights the breadth of investor participation, with subscriptions received from investors across 51 African countries, according to the company. The final ownership structure will depend on the offer’s outcome and subsequent share allotments.