Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering, IPO, has attracted investors from more than 90 countries worldwide, including 51 of Africa’s 54 countries.
The company disclosed that the level of participation reflects growing investor confidence in African businesses and increasing interest in allowing Africans to own shares in major industrial enterprises on the continent.
According to the company, the share offer has set new records in Nigeria’s capital market, breaking the previous record on its opening day and surpassing the earlier African record within its first 10 days. Participation has reportedly come from individual investors, pension funds, institutional investors, asset managers and other members of the investing public.
The Chief Financial Officer of Dangote Group, Murat Erden, described the offer as an opportunity for African and international investors to participate in the ownership of one of the continent’s major industrial assets.
He said the strong response demonstrated growing interest in African industrial development and the potential for local investors to benefit from businesses operating within the continent.
The refinery also highlighted its improved financial performance as part of its investment case. For the nine months ended September 30, 2026, the company reported revenue of $22.5bn and a net profit of $4.7bn, compared with a loss of $117.2m in the corresponding period of 2025.
The company said revenue increased by 144 per cent from $9.2bn recorded in the same period last year, while earnings before interest, taxes, depreciation and amortisation rose to $5.5bn from $627.6m.
The IPO has also involved market collaborations with countries including Botswana, Egypt, Ethiopia and Kenya to widen access for eligible investors across Africa.
The offer is scheduled to close on October 27, 2026, and the company said it does not currently plan another extension.
The transaction is being viewed as a significant test of cross-border investment and the capacity of African capital markets to support large-scale industrial development.
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