Dangote Petroleum Refinery and Petrochemicals’ ongoing initial public offering (IPO) has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide, as the company steps up efforts to expand ownership of the industrial facility ahead of the October 27 offer deadline.
The company said the level of participation reflected growing interest among African and international investors in acquiring stakes in the refinery, which it described as one of the continent’s largest industrial enterprises.
In a statement on Sunday, Murat Erden, chief financial officer of Dangote Group, said the offering went beyond raising capital, providing an opportunity for Africans and global investors to participate directly in the ownership of a major industrial asset.
“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 reflected a shared belief that Africans should benefit from industrial development through ownership and wealth creation.
Dangote Refinery said the IPO broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days. The company attributed the performance to demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
The scale of participation comes alongside an improvement in the refinery’s reported financial performance, which the company says has moved beyond the baseline assumptions used to determine the IPO valuation.
For the nine months ended September 30, 2026, the refinery reported revenue of $22.5 billion and net profit of $4.7 billion, compared with a net loss of $117.2 million in the corresponding period of 2025.
Revenue rose 144 per cent from $9.2 billion a year earlier, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased nearly ninefold to $5.5 billion from $627.6 million.
Operating cash flow also climbed more than tenfold to $3.68 billion, according to the company. Its financial position shifted from net debt of $1.73 billion in September 2025 to net cash of $651 million in September 2026.
Erden said the results had exceeded the assumptions underpinning the IPO valuation, pointing to the refinery’s operating performance, scale and efficiency as factors supporting its long-term growth prospects.
“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation,” he said, adding that the refinery’s operational momentum continued to create shareholder value.
The company said the offering had also benefited from cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya. According to the refinery, the partnerships have helped broaden access and reduce barriers to participation by investors across African markets.
The IPO is being positioned as an opportunity for investors to own shares in one of Africa’s largest industrial businesses, with the potential to receive dollar-linked dividends, subject to the company’s dividend policy and applicable regulatory approvals.
With the offer due to close on October 27, Dangote Refinery said it had intensified investor education and engagement activities across key markets to widen participation before the deadline.
The company stressed that no further extension of the offer period was currently planned, placing the remaining subscription window at the centre of its efforts to attract additional investors.
