Dangote Refinery
The ongoing initial public offering of Dangote Petroleum Refinery and Petrochemicals has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide.
The company disclosed this in a statement on Sunday, describing the response as evidence of growing interest among African and international investors in owning shares in one of the continent’s largest industrial enterprises.
The offer is scheduled to close on October 27, 2026, with the refinery stating that no further extension is currently planned.
The Chief Financial Officer of Dangote Group, Murat Erden, said the level of participation reflected a shared desire among Africans to benefit directly from the continent’s industrial development.
“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,” Erden said.
According to the company, the IPO set a record in the Nigerian capital market 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 also reported a significant improvement in its financial performance for the nine months ended September 30, 2026, posting revenue of $22.5bn and a net profit of $4.7bn.
This compared with revenue of $9.2bn and a net loss of $117.2m recorded during the corresponding period in 2025.
The company said revenue increased by 144 per cent, while earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to $5.5bn from $627.6m.
Operating cash flow also increased more than tenfold to $3.68bn, while the refinery 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 financial results had surpassed 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 said.
The company added that collaborations with capital market stakeholders in Botswana, Egypt, Ethiopia and Kenya had helped expand access to the offer and reduce barriers to participation for investors across Africa.
