Dangote Refinery IPO Draws Investors From 51 African Countries

Dangote Petroleum Refinery and Petrochemicals says its ongoing Initial Public Offering (IPO) has attracted investors from 51 of Africa’s 54 countries, with subscriptions coming from over 90 countries globally.

In a statement on Sunday, the company said the wide participation reflects strong interest from across the continent in owning a stake in the refinery. The offer is scheduled to close on October 27, 2026.

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.”

According to the refinery, the IPO broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days, driven by demand from retail investors, pension funds, institutional investors, asset managers and the general investing public.

The refinery recently reported revenue of $22.5 billion and net profit of $4.7 billion for the nine months ended September 30, 2026, compared to a loss of $117.2 million in the same period of 2025.

Revenue rose 144 per cent from $9.2 billion in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped nearly ninefold to $5.5 billion from $627.6 million. Operating cash flow rose more than tenfold to $3.68 billion, as 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 performance had already exceeded the assumptions used in determining the 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 said.

The company said the offer benefited from cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, which helped broaden access and reduce barriers for African investors.

It added that the IPO offers investors a chance to become shareholders in one of Africa’s largest industrial assets, with potential for dollar-linked dividends, subject to dividend policy and regulatory approvals.

The refinery said it has intensified investor education and engagement across key markets ahead of the closing date, stressing that “no further extension of the offer period is currently planned.”

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