Dangote Petroleum Refinery and Petrochemicals has disclosed that its ongoing initial public offering has drawn investors from more than 90 countries, including 51 of Africa’s 54 nations, as the company moves towards the October 27, 2026, closing date.
The refinery said the widespread participation demonstrated growing interest among African investors in taking ownership stakes in major industrial assets across the continent.
In a statement on Sunday, the 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”.
The company said the offer set a new record in the Nigerian capital market on its first day and exceeded the previous African record within 10 days of opening.
It attributed the strong response to participation from individual investors, pension funds, asset managers, institutional investors and other members of the investing public.
The refinery also highlighted its improved financial performance, reporting revenue of $22.5bn and net profit of $4.7bn for the nine months ended September 30, 2026. This marked a turnaround from the $117.2m loss recorded during the corresponding period in 2025.
Revenue increased by 144 per cent from $9.2bn in the previous year, while earnings before interest, taxes, depreciation and amortisation climbed nearly ninefold to $5.5bn from $627.6m.
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Operating cash flow rose more than tenfold to $3.68bn, while the company’s financial position improved from net debt of $1.73bn in September 2025 to net cash of $651m in September 2026.
Erden said the refinery’s results had surpassed the financial projections underpinning its IPO valuation, pointing to its operational efficiency and growth 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 added.
To expand participation across the continent, the company said it had established cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya. According to the refinery, the partnerships had helped improve investor access and address barriers to participation in different African markets.
The offer also provides investors with an opportunity to own shares in one of Africa’s largest industrial enterprises, with the possibility of receiving dollar-linked dividends, subject to the company’s dividend policy and relevant regulatory approvals.
As the deadline approaches, the refinery said it had stepped up investor education and engagement across key markets to encourage broader participation.
However, the company clarified that “no further extension of the offer period is currently planned”.