Investors from 51 of Africa’s 54 countries have subscribed to Dangote Petroleum Refinery and Petrochemicals’ ongoing initial public offering, IPO, with the company reporting participation from more than 90 countries globally.
The refinery said the cross-border participation reflected growing investor interest in African industrial assets and could provide a model for wider integration of the continent’s capital markets.
According to the company, the offer broke Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days, attracting retail investors, pension funds, institutional investors and asset managers.
Dangote Group’s Chief Financial Officer, Murat Erden, said the offer provided Africans and international investors an opportunity to acquire stakes in one of the continent’s major industrial investments.
He said participation from across Africa demonstrated interest in ensuring that Africans not only benefit from industrial development but also own assets that generate wealth on the continent.
The IPO comes amid improved financial performance by the refinery. For the nine months ended September 30, 2026, the company reported revenue of $22.5 billion and net profit of $4.7 billion, compared with a loss of $117.2 million in the corresponding period of 2025.
Revenue rose by 144 per cent from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to $5.5 billion from $627.6 million.
Operating cash flow also climbed to $3.68 billion from the previous year’s level, while the company moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $651 million in September 2026.
Erden said the refinery’s financial performance had exceeded the baseline assumptions used in determining the IPO valuation, citing its operational scale, efficiency and growth prospects.
The transaction has also involved cross-border market collaborations with Botswana, Egypt, Ethiopia and Kenya, which the company said were intended to broaden access and reduce barriers for investors across the continent.
Dangote Refinery said the offer could provide shareholders with the potential for US dollar-linked dividends, subject to its dividend policy and applicable regulatory approvals.
The IPO is scheduled to close on October 27, 2026, with the company saying it has intensified investor education and engagement across key markets. It added that no further extension of the offer period was currently planned.