The initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals has attracted investor applications from 120 countries, including all 54 African nations, following the closure of the offer on Tuesday, October 27, 2026.
The company described the development as a significant milestone for African capital markets, noting that the offer attracted interest from across all six inhabited continents and expanded opportunities for investors to own shares in one of Africa’s largest industrial investments.
According to Channels Television, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the response demonstrated Africans’ willingness to invest in industries established on the continent and share in their growth.
Dangote said attracting investor applications from every African country was particularly significant, reflecting growing interest in local ownership of major African businesses.
He explained that the public offer was designed not only to raise capital but also to give ordinary Africans an opportunity to participate in the ownership of an internationally significant industrial enterprise.
The billionaire businessman added that the company would continue pursuing its expansion programme and Vision 2030 strategy, with emphasis on operational performance and Africa’s energy security.
Dangote Refinery IPO Raises Global Interest
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the international response reflected confidence in the refinery’s scale, operational capabilities and long-term prospects.
Bird described the successful conclusion of the IPO as a major milestone for the company, adding that applications from 120 countries demonstrated significant international interest in its future.
He said the refinery would focus on operational excellence, sustainable growth and creating long-term value for shareholders.
The IPO opened on September 14, with 4.1 billion ordinary shares offered at ₦525 each, representing a proposed capital raise of approximately ₦2.15 trillion.
The offer was initially scheduled to close on October 13 but was extended to October 27 following approval from the Securities and Exchange Commission, allowing investors additional time to participate.
The company said commercial banks, stockbroking firms, fintech platforms, capital market institutions and other distribution partners supported the offer by providing channels through which eligible investors could submit applications.
Refinery Reports Strong Financial Performance
Dangote Industries Limited’s Group Chief Financial Officer, Murat Erden, said the transaction demonstrated the potential of African financial institutions and digital platforms to connect investors across national borders.
Erden described the IPO as an important development for African capital markets, highlighting its potential to mobilise domestic savings, increase cross-border investment and broaden ownership of strategic industrial assets.
He also disclosed that the refinery recorded $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) during the first nine months of 2026.
According to him, the company believes the offer could provide a model for expanding retail investor participation and strengthening integration among African capital markets.
Expansion Plans and Energy Security
The IPO comes as Dangote Refinery pursues plans to expand its refining and petrochemical operations, strengthen its distribution network and support energy security across Africa.
Located in Lagos, the refinery is one of Africa’s largest private industrial investments. It was established to increase domestic petroleum processing capacity and reduce Nigeria’s dependence on imported refined petroleum products.
The company said its continued expansion would focus on improving operational performance and supporting its long-term growth ambitions.
