Dangote refinery IPO attracts investors from over 90 countries

Dangote Petroleum Refinery and Petrochemicals says its ongoing Initial Public Offering (IPO) has attracted investors from more than 90 countries, including 51 of Africa’s 54 nations.

The company disclosed in a statement on Sunday that the level of participation reflects growing investor confidence in African-led industrialisation and interest in local ownership of strategic assets.

It described the offering as Africa’s first truly pan-African public offering, adding that the IPO had broken Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days.

According to the company, the offer has attracted retail investors, pension funds, institutional investors, asset managers and other members of the investing public.

Commenting on the development, Murat Erden, Chief Financial Officer of Dangote Group, said the offering provides Africans and international investors with an opportunity to own a stake in one of the continent’s major industrial assets.

He said the participation of individuals and institutions across Africa demonstrated a shared belief that Africans should benefit from industrial development and also own assets that generate wealth.

The company said the strong investor interest comes amid improved operational and financial performance at the refinery.

For the nine months ended September 30, 2026, the refinery reported revenue of $22.5 billion and a net profit of $4.7 billion, 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 increased nearly ninefold to $5.5 billion from $627.6 million.

Operating cash flow also rose more than tenfold to $3.68 billion, reflecting increased earnings and cash generation from its operations.

The refinery further reported that its financial position improved 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 current financial performance had exceeded the baseline assumptions used in determining the IPO valuation.

He added that the refinery’s operational momentum, scale and efficiency continued to strengthen its long-term growth prospects and potential to create value for shareholders.

The company said the IPO demonstrated the growing depth and interconnectedness of African financial markets and could serve as a model for future continent-wide investment offerings.

The offer is scheduled to close on October 27, 2026, with the company intensifying investor education and engagement across key markets to encourage wider participation.

It added that no further extension of the offer period was currently planned.

Erden described the response as a vote of confidence in Africa’s future and the capacity of African enterprises to deliver sustainable value to shareholders.