![L-R: Managing Director, BGL Securities Limited, Arnold A. Dublin-Green; Assistant Vice President, Financial Derivatives Limited, Dr. Ifeoma Nwokolo; CEO, Centre for the Promotion of Private Enterprise [CPPE], Muda Yusuf (speaker); Chairman of the Occasion, Chief Paul Usoro; Dean, Lagos Business School, Information Systems, Prof. Olayinka David-West; Managing Director/CEO, Financial Derivatives Company, Bismarck Rewane; Group Chief Branding & Communications Officer, Dangote Industries Limited, Anthony Chiejina at Dangote Petroleum Refinery & Petrochemicals IPO Roadshow tagged “Back to where it all began” in Port Harcourt. Rivers State on Monday, October 12, 2026…](https://pmparrotng.com/wp-content/uploads/2026/10/Dangote-imagee-180x135.jpg "As Dangote Refinery’s IPO Nears Close, Small Investors Take Center Stage")
Dangote Petroleum Refinery & Petrochemicals has reported a surge in investor subscriptions to its ongoing Initial Public Offering (IPO), with retail and institutional investors increasing participation ahead of the offer’s final closing date of October 27, 2026.
The company said the offer would close on Tuesday, October 27, as scheduled, with no further extension, urging prospective investors to complete their subscriptions before the deadline.
The reported increase in demand follows the release of the refinery’s nine-month financial results, which showed revenue of $22.5 billion and a net profit of $4.73 billion for the period ended September 30, 2026.
According to the company, revenue increased by 144 per cent year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.5 billion, reflecting higher refining throughput, improved operational reliability and stronger refining margins.
The company also disclosed that it had strengthened its balance sheet, moving from a net debt position to a net cash position during the period, marking a significant turnaround from the loss recorded in the corresponding period of 2025.
Management attributed the growing investor interest to the refinery’s financial performance and its strategic importance to Africa’s energy security and industrial development.
It said the offer had attracted subscriptions from individual investors, pension funds, institutional investors, asset managers, professionals, business owners and members of the African diaspora.
“The level of investor interest we are seeing reflects growing confidence in our business and in the strong financial results we have delivered. Investors are recognising both the quality of our earnings and the long-term value creation opportunity represented by the refinery,” the company said.
According to management, the IPO has evolved beyond a capital-raising exercise into an opportunity for African and international investors to acquire stakes in one of the continent’s largest industrial enterprises.
The company said subscriptions had been received from across Nigeria, other African countries and international markets, reflecting growing recognition of the refinery as a major industrial asset.
“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa,” the company said.
Management added that the strong response to the offer reflected confidence in the future of African industry and the refinery’s capacity to generate sustainable returns for shareholders.
The company also reiterated its commitment to broad-based ownership, saying the IPO had been structured to enable ordinary investors to participate alongside institutional investors in its future growth.
Prospective investors who have yet to complete their subscriptions were advised to do so through their stockbrokers and approved distribution channels before the October 27 deadline.
“This is the final opportunity for investors to participate in this historic offer. We encourage all interested investors to complete their applications before the subscription window closes on 27 October,” the company said.
Management expressed appreciation to regulators, issuing houses, stockbrokers, financial institutions, fintech partners, investor associations, market operators and the investing public for their support throughout the offer.
It said the strong demand demonstrated growing investor confidence in African-owned industrial enterprises and highlighted the increasing capacity of African capital markets to support large-scale transformational investments.
“History is being made. The remarkable investor response is a powerful vote of confidence in Africa’s future, in African enterprise, and in the long-term value that world-class industrial projects can create when opened to public ownership,” the company said.
It reaffirmed its commitment to delivering sustained growth and enduring value for shareholders.
Packaged by Olayinka Agboola
