Dangote Petroleum Refinery and Petrochemicals has attracted subscriptions from investors in more than 90 countries worldwide, including 51 of Africa’s 54 countries, underscoring growing international interest in the company’s ongoing initial public offering (IPO).
The offer, which is scheduled to close on October 27, 2026, has drawn participation from investors seeking ownership stakes in one of Africa’s largest industrial enterprises, according to the company.
Chief Financial Officer of Dangote Group, Murat Erden, said the offering represented an opportunity for Africans and international investors to participate directly in the ownership and wealth creation potential of the refinery.
“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 in a statement on Sunday.
The company said the IPO set a new record in the Nigerian capital market on its opening day and surpassed the previous African record within its first 10 days. It attributed the strong response to subscriptions from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
The growing interest in the share offer comes against the backdrop of a significant improvement in the refinery’s financial performance, with the company reporting revenue of $22.5bn and net profit of $4.7bn for the nine months ended September 30, 2026.
The figures represent a sharp turnaround from the corresponding period in 2025, when the refinery recorded a net loss of $117.2m and revenue of $9.2bn.
According to the company, revenue increased by 144 per cent year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose nearly ninefold to $5.5bn from $627.6m.
Operating cash flow also climbed more than tenfold to $3.68bn, reflecting improved cash generation. In addition, 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 company’s financial results had outperformed the assumptions underpinning its IPO valuation, expressing confidence in the refinery’s operational efficiency and long-term growth prospects.
“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 added.
Beyond domestic investor participation, the company said cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya had helped expand access to the offer and reduce barriers for investors across the continent.
The initiative, it said, was designed to make participation more accessible to African investors while broadening the refinery’s shareholder base beyond Nigeria.
The IPO also presents investors with an opportunity to acquire 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 the necessary regulatory approvals.
As the October 27 closing date approaches, the refinery said it had intensified investor education and engagement efforts across key markets to increase awareness of the offer and encourage broader participation.
However, the company made it clear that investors should take note of the deadline, stressing that “no further extension of the offer period is currently planned”.
The scale of participation across Africa and other international markets places the offer among the most closely watched capital-raising exercises involving a Nigerian industrial company, as the refinery seeks to translate its operational performance and investor interest into broader public ownership.