Dangote Petroleum Refinery and Petrochemicals has said its ongoing initial public offering has attracted investors from 51 of Africa’s 54 countries, with subscriptions coming from more than 90 countries globally.
The company said the strong participation reflected widespread interest across Africa in owning shares in the refinery.
The offer is scheduled to close on 27 October 2026.
In a statement on Sunday, the Chief Financial Officer of Dangote Group, Murat Erden, said, “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.”
The company said the IPO set a 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 performance to demand from retail investors, pension funds, institutional investors, asset managers and other participants in the investment market.
Dangote Petroleum Refinery and Petrochemicals reported revenue of $22.5bn and a net profit of $4.7bn for the nine months ended 30 September 2026, reversing a loss of $117.2m recorded in the corresponding period of 2025.
The company said revenue increased by 144 per cent to $22.5bn from $9.2bn in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to $5.5bn from $627.6m.
Operating cash flow also surged more than tenfold to $3.68bn. The company further reported a turnaround in its financial position, moving from a net debt of $1.73bn in September 2025 to a net cash position of $651m in September 2026.
Erden said the refinery’s financial performance had surpassed the projections underpinning its IPO valuation.
“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.
The company said the IPO had also benefited from cross-border market partnerships involving Botswana, Egypt, Ethiopia and Kenya, which helped expand access and lower barriers to participation for investors across Africa.
