Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing Initial Public Offering (IPO) has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide.
The development highlights growing interest in African-owned industrial enterprises and efforts to expand investment opportunities across the continent.
According to the company, the geographical spread of investors makes the offering a significant milestone for Africa’s capital markets, providing individuals and institutions with an opportunity to participate in the ownership of one of the continent’s largest industrial assets.
The refinery disclosed that the IPO recorded the largest public offering ever launched on the Nigerian capital market on its opening day, surpassing the previous African record within its first 10 days.
Investor participation has reportedly come from retail investors, pension funds, institutional investors, asset managers, fintech platforms and other members of the investing public.
The Chief Financial Officer of Dangote Group, Murat Erden, said the offering represented more than a capital-raising exercise, describing it as an opportunity for Africans and international investors to acquire ownership in a major industrial enterprise.
He noted that the strong participation reflected growing confidence in African industrial development and the desire of investors to benefit directly from the wealth generated by businesses operating on the continent.
The IPO has also encouraged greater collaboration among African capital markets through cross-border initiatives involving Botswana, Egypt, Ethiopia and Kenya.
These arrangements are intended to simplify access to the offering and broaden participation among investors in different countries.
The company said the initiative could serve as a model for future continent-wide investment offerings and contribute to strengthening connections between African financial markets.
The strong investor response comes amid improved operational and financial performance at the refinery.
For the nine months ended September 30, 2026, Dangote Petroleum Refinery reported revenue of $22.48 billion and net profit of $4.73 billion, compared with a loss of $117.2 million recorded during the corresponding period in 2025.
Its earnings before interest, taxes, depreciation and amortisation rose to $5.52 billion, while operating cash flow increased to $3.68 billion. The company also moved from a net debt position of $1.73 billion in September 2025 to a net cash position of approximately $651 million in September 2026.
The refinery, which has a processing capacity of 700,000 barrels per day, plays a significant role in Nigeria’s efforts to reduce dependence on imported petroleum products and strengthen domestic refining capacity.
The company is seeking to raise approximately $1.6 billion through the IPO to support its expansion plans. The offering period has been extended to October 27, 2026, to accommodate investor demand and broaden participation.
Dangote Petroleum Refinery said it appreciated the support of regulators, stockbrokers, financial institutions, fintech partners, investor associations and members of the investing public.
The company maintained that the offering represents an opportunity to expand African participation in strategic industrial investments while supporting the development of stronger and more interconnected capital markets across the continent.
