Dangote Petroleum Refinery and Petrochemicals has attracted investors from more than 90 countries, including 51 of Africa’s 54 nations, as its ongoing Initial Public Offering (IPO) records strong participation from retail and institutional investors.
The company disclosed this in a statement on Sunday, describing the response as a significant milestone for African industrial ownership and capital market development.
“The unprecedented level of participation positions the transaction as Africa’s first truly pan-African public offering, reflecting strong investor confidence in African-led industrialisation and a growing desire among Africans to own strategic assets built on the continent,” the statement said.
According to the company, the offer 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 individual investors, pension funds, institutional investors, asset managers and other members of the investing public.
Commenting on the development, Dangote Group’s Chief Financial Officer, Murat Erden, said the offering represented more than a capital-raising exercise, providing Africans and international investors an opportunity to acquire stakes in one of the continent’s major industrial assets.
“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,” Erden said.
He added that the participation of investors across the continent reflected a shared belief that Africans should benefit from industrial development and also own the assets responsible for creating wealth.
The strong investor response comes amid improved operational and financial performance by the refinery.
For the nine months ended September 30, 2026, the company reported revenue of $22.5bn and net profit of $4.7bn, compared with a loss of $117.2m in the corresponding period of 2025.
Revenue rose by 144 per cent from $9.2bn, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased nearly nine-fold to $5.5bn from $627.6m.
Operating cash flow also climbed more than ten-fold to $3.68bn, reflecting stronger cash generation from the refinery’s operations.
The company’s balance sheet improved during the period, moving from a net debt position of $1.73bn in September 2025 to a net cash position of $651m by September 2026.
Erden said the refinery’s performance had exceeded the assumptions used in determining the IPO valuation, pointing to its operational growth, scale and efficiency as factors supporting its long-term prospects.
“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.
Dangote Refinery described the offer as evidence of growing depth and integration in African financial markets, adding that the transaction could provide a model for future continent-wide investment opportunities.
With the IPO scheduled to close on October 27, 2026, the company said it had intensified investor education and engagement across key markets to encourage wider participation.
It also stated that no further extension of the offer period was currently planned.
Erden said the participation of investors from 51 African countries and more than 90 countries globally demonstrated growing interest in African industrial enterprises and opportunities for ownership through capital markets.
