Dangote Refinery IPO Attracts Investors From Over 90 Countries, Sets African Record

Dangote Refinery IPO Attracts Investors From Over 90 Countries, Sets African Record

Dangote Petroleum Refinery has attracted investors from more than 90 countries as its ongoing Initial Public Offering (IPO) continues to draw strong interest from Africa and other parts of the world.

The company disclosed that investors from 51 of Africa’s 54 countries have subscribed to the offer, describing the response as a major step towards expanding African participation in the ownership of strategic industrial assets.

In a statement issued on Sunday, the refinery said the level of interest demonstrated growing confidence in African businesses and the desire of investors to share in the continent’s industrial development.

The company also reported that the IPO broke Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days.

According to the refinery, demand has come from individual investors, pension funds, asset managers, institutional investors and other members of the investing public.

Commenting on the development, Dangote Group’s Chief Financial Officer, Murat Erden, said the offer presented an opportunity for Africans and international investors to acquire stakes in one of the continent’s major industrial projects.

Erden said the participation of investors across Africa reflected a growing belief that Africans should have a direct ownership stake in the industries driving economic growth on the continent.

The strong investor response comes as the refinery reports a significant improvement in its financial performance.

For the nine months ended September 30, 2026, Dangote Petroleum Refinery recorded revenue of $22.5 billion and a net profit of $4.7 billion.

The figures represent a major recovery from the corresponding period in 2025, when the company recorded a loss of $117.2 million.

Revenue increased by 144 per cent, rising from $9.2 billion in the previous year’s corresponding period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also climbed to $5.5 billion from $627.6 million, representing an increase of nearly nine times.

Operating cash flow rose more than tenfold to $3.68 billion, indicating a substantial improvement in the refinery’s ability to generate cash from its operations.

The company also reported a stronger financial position, moving from a net debt of $1.73 billion in September 2025 to a net cash position of $651 million in September 2026.

Erden said the refinery’s financial results had exceeded the baseline assumptions used to determine the IPO valuation.

He added that the facility’s operational growth, production scale and efficiency continued to strengthen its long-term prospects and potential to deliver value to shareholders.

The refinery described the offering as an important development for African capital markets, noting that participation from investors across multiple countries could provide a model for future investment opportunities involving businesses operating across the continent.

With the IPO scheduled to close on October 27, 2026, the company said it had stepped up investor education and engagement across key markets to encourage wider participation.

It also clarified that there were currently no plans to extend the offer period beyond the announced closing date.

Erden said the response from investors in 51 African countries and more than 90 countries worldwide reflected confidence in the future of African industry and the potential of African-owned enterprises to generate sustainable returns for shareholders.