Dangote Breaks Silence As Refinery IPO Pulls Investors From 51 African Countries

According to a report by The Punch on Monday, October 19, 2026, the Dangote Petroleum Refinery has revealed that its ongoing initial public offering has pulled massive subscription numbers from 51 out of Africa’s 54 nations, alongside interest from more than 90 countries globally.

Speaking through the Chief Financial Officer of the Dangote Group, Murat Erden, the management noted that the capital-raising exercise has evolved into a landmark opportunity for citizens and global entities to own a stake in one of the continent’s major industrial assets.

According to the company, the public offer smashed Nigerian capital market records on day one and surpassed previous African milestones within its first 10 days, driven by retail buyers, pension funds, and asset managers.

Financial figures released for the nine months ending September 30, 2026, show a remarkable turnaround.

The refinery posted a revenue of twenty-two point five billion dollars and a net profit of four point seven billion dollars, clearing a previous loss of one hundred and seventeen point two million dollars recorded in 2025.

Earnings before interest, taxes, depreciation, and amortisation surged to five point five billion dollars, while operating cash flow climbed to three point six eight billion dollars.

Furthermore, the company successfully transitioned from a net debt position of one point seven three billion dollars to a net cash position of six hundred and fifty-one million dollars.

Erden stated that these stellar financials have already surpassed the baseline assumptions used to calculate the valuation of the IPO.

With the window closing on October 27, management intensified nationwide education campaigns, stressing that no further extension of the offer period is currently planned.

Interested investors have just days left to leverage this historic wealth-creation opportunity before the final deadline.

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