Dangote Petroleum Refinery’s ongoing Initial Public Offering (IPO) has attracted investors from 51 African countries and more than 90 countries worldwide, in what the company describes as a major milestone for African industrial investment.
The refinery said the broad participation reflects growing interest in African-owned industrial enterprises and an appetite among investors to take a stake in businesses driving the continent’s economic development.
According to the company, the offer became the largest public offering ever launched in the Nigerian capital market on its opening day and surpassed the previous African record within its first 10 days.
Investors participating in the offer include retail investors, pension funds, institutional investors, asset managers and users of fintech platforms.
A source close to the refinery’s management described the response as an important moment for African capital markets, arguing that Africans should not only benefit from industrialisation but also have opportunities to own the assets behind it.
The company’s announcement comes amid improved financial results for the nine months ended September 30, 2026.
Dangote Petroleum Refinery reported revenue of $22.5 billion and net profit of $4.7 billion during the period, compared with a loss of $117.2 million in the corresponding period of 2025.
Revenue rose by 144 per cent from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to $5.5 billion from $627.6 million.
Operating cash flow also climbed to $3.68 billion, compared with the previous year’s $627.6 million, according to the figures released by the company.
The refinery further reported a significant improvement in its financial position, moving from net debt of $1.73 billion in September 2025 to a net cash position of $651 million in September 2026.
A source close to management said the refinery’s performance had exceeded the baseline assumptions used in determining the IPO valuation, pointing to its operational scale, efficiency and market reach as factors supporting its growth prospects.
The offer has also encouraged cooperation among African capital markets, with cross-border initiatives involving Botswana, Egypt, Ethiopia and Kenya intended to simplify access for investors across the continent.
The company said the IPO provides investors with an opportunity to own shares in one of Africa’s largest industrial enterprises. It added that dividends could potentially be linked to the US dollar, subject to the company’s dividend policy and relevant regulatory approvals.
With the offer scheduled to close on October 27, 2026, the refinery said it had stepped up investor education and engagement across key markets to encourage wider participation. It added that no further extension of the offer period was currently envisaged.
The company thanked regulators, stockbrokers, financial institutions, fintech partners, investor associations, community leaders and members of the public for their participation.
The offer’s final outcome will provide a clearer picture of the level of investor demand and the extent to which the refinery’s public offering can broaden African participation in large-scale industrial investment.
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