Dangote Refinery IPO Attracts Investors From Over 90 Countries, 51 African Nations

Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing Initial Public Offering (IPO) has attracted subscriptions from investors in more than 90 countries, including 51 of Africa’s 54 nations, as the offer approaches its scheduled closing date of October 27, 2026.

The company said the level of participation reflects growing investor interest in African industrial development and opportunities to own strategic businesses on the continent.

According to the refinery, the offering broke Nigeria’s 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.

Commenting on the development, Dangote Group Chief Financial Officer, Murat Erden, described the IPO as an opportunity for Africans and international investors to participate in the ownership of one of the continent’s major industrial assets.

“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,” Erden said.

He added that participation from individuals and institutions across Africa demonstrated a shared belief that Africans should benefit from industrial development and have opportunities to create wealth through ownership.

The announcement comes as the refinery reports improved financial performance. For the nine months ended September 30, 2026, the company reported revenue of US$22.5 billion and net profit of US$4.7 billion, compared with a loss of US$117.2 million in the corresponding period of 2025.

Revenue increased by 144 per cent from US$9.2 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to US$5.5 billion from US$627.6 million, representing an increase of nearly ninefold.

Operating cash flow also increased more than tenfold to US$3.68 billion, according to the company.

The refinery further reported that its financial position had improved from net debt of US$1.73 billion in September 2025 to net cash of US$651 million by September 2026.

Erden said the refinery’s financial performance had exceeded the baseline assumptions used in determining the IPO valuation.

“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation,” he said, adding that the company’s operational scale, efficiency and growth prospects continued to support its confidence in long-term shareholder value.

The offering has also benefited from cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, which the company said had helped broaden access and reduce barriers to participation for investors across Africa.

Dangote Petroleum Refinery described the collaboration as an example of the growing integration of African capital markets and a potential model for future continent-wide investment offerings.

The company said the IPO offers investors an opportunity to become shareholders in one of Africa’s major industrial enterprises, with the possibility of US dollar-linked dividends, subject to its 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 across key markets. It added that no further extension of the offer period was currently planned.

Erden described the response as a sign of confidence in African businesses and the continent’s industrial future, while the company thanked regulators, stockbrokers, issuing houses, financial institutions, fintech partners, community leaders, investor associations and members of the investing public for their participation.