Dangote Petroleum Refinery and Petrochemicals has attracted investor applications from 120 countries, including all 54 African nations, following the conclusion of its initial public offering (IPO), highlighting the international reach of the company’s effort to broaden ownership of one of Africa’s largest industrial projects.
The company said the offering attracted participation across all six inhabited continents, making it a significant milestone in its drive to open up investment in the refinery to a wider pool of investors.
The IPO, tagged the “People’s IPO”, was designed to expand ownership beyond the refinery’s founding investors by creating opportunities for eligible retail and institutional investors to acquire shares in the business.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the participation of investors from across Africa demonstrated growing interest in owning and sharing in the returns from major African industrial enterprises.
“When we set out to build this refinery, many doubted that a project of this scale could be delivered by Africans. We proved that Africa could build it. Today, through this historic IPO, we have demonstrated something equally important: Africans are ready to own and participate in the prosperity created by their own industries,” he said.
Dangote added that the objective was not limited to raising capital but also to encourage broader participation in strategic industries and create opportunities for a new generation of African investors and entrepreneurs.
He said the company would continue to pursue its expansion programme and Vision 2030 strategy, with a focus on improving operational performance and contributing to Africa’s energy security.
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, industrial capacity and growth prospects.
According to him, the company would focus on translating its industrial scale into operational efficiency, sustainable growth and long-term shareholder value.
The Group Chief Financial Officer of Dangote Industries Limited, Murat Erden, said the transaction demonstrated the potential of African capital markets to mobilise savings across national borders and expand public participation in large-scale industrial investments.
He noted that the offer brought together commercial banks, stockbroking firms, financial technology platforms and other capital market institutions to facilitate investor participation.
Erden also highlighted the refinery’s reported financial performance, stating that it recorded $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of 2026.
The IPO opened on September 14, 2026, with 4.1 billion ordinary shares offered at N525 per share, representing a proposed capital raise of approximately N2.15 trillion.
Originally scheduled to close on October 13, the offer was extended to October 27 following approval by the Securities and Exchange Commission to allow more investors to participate.
The refinery, located in Lagos, is pursuing an expansion programme aimed at increasing its refining and petrochemical capacity, strengthening distribution and supporting efforts to reduce Africa’s dependence on imported refined petroleum products.
The outcome of the offer places renewed attention on the role of capital markets in financing major industrial projects and expanding investor participation in businesses considered strategically important to the continent’s economic development.
