Dangote Petroleum Refinery and Petrochemicals says its initial public offering, IPO has attracted investor applications from 120 countries, including all 54 African nations.
The offer, which opened on September 14, 2026, involved 4.1 billion ordinary shares at N525 each, representing a proposed capital raise of approximately N2.15 trillion.
Initially scheduled to close on October 13, it was extended to October 27 following approval by the Securities and Exchange Commission.
The company said the participation from all six inhabited continents and every African country demonstrated the potential for digital financial platforms and coordinated distribution networks to broaden access to investment opportunities beyond traditional institutional and high-net-worth investors.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said the response showed that Africans wanted to invest in and share in the prosperity generated by industries on the continent.
“To have investor applications from all 54 African countries is deeply significant to me. It tells us that our people do not simply want to consume what Africa produces; they want to invest in it, own it and share in its future,” he said.
Dangote said the offer was designed not only to raise capital but also to expand ownership of the refinery and encourage a wider culture of investment in African businesses.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said applications from 120 countries reflected international interest in the refinery’s operations, scale and growth prospects.
He said the company would focus on operational performance, sustainable growth and long-term shareholder value.
The offering was supported by commercial banks, stockbroking firms, fintech platforms and other capital market institutions, which provided channels for investors to participate across different markets.
Dangote Industries’ Group Chief Financial Officer, Murat Erden, said the transaction demonstrated the potential for African capital markets to connect investors across national borders and mobilise domestic savings for major industrial projects.
Erden also cited the refinery’s reported revenue of $22.5 billion and earnings before interest, taxes, depreciation and amortisation of $5.52 billion in the first nine months of 2026 as indicators of its financial scale.
The IPO comes as the refinery pursues plans to expand its refining and petrochemical operations, strengthen distribution and contribute to energy security across Africa.
Located in Lagos, the facility is one of the continent’s largest private industrial investments and is intended to increase domestic processing capacity and reduce dependence on imported refined petroleum products.