By Ghazali Ibrahim
Dangote Petroleum Refinery’s ongoing Initial Public Offering (IPO) has attracted investors from more than 90 countries, including 51 African nations, the company has said.
The refinery disclosed this in a statement on Sunday, describing the response as a sign of growing interest in African-owned industrial assets.
According to the company, the offer broke Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days.
The offering has attracted retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
Murat Erden, Chief Financial Officer of Dangote Group, said the IPO provides Africans and international investors with an opportunity to own shares in one of the continent’s major industrial assets.
He said the participation of investors across Africa reflects a shared belief that Africans should benefit from industrial development and own assets capable of generating wealth.
The company also linked the investor interest to improved 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 same period of 2025.
Revenue increased by 144 per cent from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation rose to $5.5 billion from $627.6 million.
The refinery’s operating cash flow also climbed to $3.68 billion, while 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 to determine the IPO valuation.
He added that the facility’s scale, operational efficiency and growth prospects could strengthen its potential to deliver value to shareholders.
The company said the offering could serve as a model for future investment opportunities across Africa by connecting investors from different countries to major industrial projects.
The IPO is scheduled to close on October 27, 2026. The company said it was 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.
