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

Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering (IPO) has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide.

The company said the level of participation demonstrated strong interest in allowing African and international investors to acquire stakes in one of the continent’s largest industrial projects. The offer is scheduled to close on October 27, 2026, with the refinery stating that no further extension is currently planned.

In a statement on Sunday, Dangote Group Chief Financial Officer, Murat Erden, described the offering as more than a fundraising exercise, saying it presented an opportunity for Africans to participate directly in the ownership of a major industrial asset and benefit from wealth creation.

The company also claimed that the IPO set a Nigerian 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 participants in the investment market.

Dangote Refinery further reported a significant improvement in its financial performance for the nine months ended September 30, 2026. According to the company, revenue reached $22.5bn, compared with $9.2bn during the corresponding period in 2025, representing an increase of 144 per cent.

The refinery also reported a net profit of $4.7bn, reversing a $117.2m loss recorded in the same period of 2025. Earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to $5.5bn from $627.6m, while operating cash flow increased more than tenfold to $3.68bn.

The company said its financial position had also strengthened, moving from net debt of $1.73bn in September 2025 to a net cash position of $651m in September 2026. Erden said the reported performance had exceeded the baseline assumptions used to determine the IPO valuation, citing operational growth, scale and efficiency as factors supporting the refinery’s prospects.

The company added that collaborations with markets in Botswana, Egypt, Ethiopia and Kenya had helped widen access to the offering for investors across Africa. It said shareholders could potentially benefit from dollar-linked dividends, subject to the company’s dividend policy and relevant regulatory approvals, as investor education and engagement activities continue ahead of the October 27 closing date.