Dangote Refinery IPO Draws Investors From 51 African Countries
Investors from 51 of Africa’s 54 countries have joined the share offer by Dangote Petroleum Refinery and Petrochemicals. The company says orders have also come in from more than 90 countries worldwide.
The offer closes on October 27, 2026. The company said on Sunday that it will not extend the deadline.
Dangote says the offer broke the Nigerian capital market record on its first day. Within 10 days, it passed the previous African record. The company credits retail investors, pension funds, asset managers and other institutions for the strong demand.
Dangote Group’s Chief Financial Officer, Murat Erden, said the sale is about more than raising money. He described it as a chance for Africans to own part of a major industrial asset and build wealth from it.
Stock markets in Botswana, Egypt, Ethiopia and Kenya worked with the company on the offer. Dangote says this made it easier for investors across Africa to take part. With the closing date near, the refinery has also stepped up investor education in key markets.
The refinery released its figures for the nine months to September 30, 2026. They show a sharp turnaround:
- Revenue: $22.5bn, up 144 per cent from $9.2bn a year earlier.
- Net profit: $4.7bn, compared with a loss of $117.2m in the same period of 2025.
- EBITDA: $5.5bn, up from $627.6m.
- Operating cash flow: $3.68bn, more than ten times last year’s level.
- Debt position: a net cash balance of $651m, compared with net debt of $1.73bn in September 2025.
Erden said the results are already ahead of the assumptions used to set the IPO price.
Shareholders could also receive dividends linked to the dollar. This depends on the company’s dividend policy and the necessary regulatory approvals.
