Dangote Refinery IPO Attracts Investors From 120 Countries, All 54 African Nations

Dangote Petroleum Refinery and Petrochemicals says its initial public offering (IPO) attracted investor applications from 120 countries, including all 54 African nations, following the close of the offer on Tuesday.

The company described the outcome as a milestone for African capital markets, saying the offer brought together investors across all six inhabited continents and opened up ownership of a major industrial asset to a wider pool of participants.

In a statement, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the response demonstrated Africans’ willingness to invest in industries built on the continent and share in their growth.

“To have investor applications from all 54 African countries is deeply significant to me. It shows our people don’t just want to consume what Africa produces; they want to invest in it, own it, and share in its future. This is the Africa we have always believed in,” he said.

Dangote said the public offer was intended not only to raise capital but also to broaden participation in the refinery’s ownership.

“We did not undertake this IPO simply because we needed to raise capital. We wanted to open the doors of ownership, give ordinary Africans an opportunity to participate in an enterprise of global significance and establish a new culture of shared prosperity,” he said.

He added that the company would continue to pursue its expansion programme and Vision 2030 strategy, with a focus on operational performance and Africa’s energy security.

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, operating capabilities and long-term prospects.

“The successful conclusion of this IPO is a remarkable milestone for Dangote Petroleum Refinery and Petrochemicals. Investor applications from 120 countries demonstrate extraordinary international interest in our business and the confidence investors place in this refinery’s future,” Bird said.

He said the refinery would focus on translating its industrial capacity into operational excellence, sustainable growth and long-term shareholder value.

The offer opened on September 14, with 4.1 billion ordinary shares priced at ₦525 each, representing a proposed capital raise of approximately ₦2.15 trillion.

Originally scheduled to close on October 13, the offer was extended to October 27 following approval by the Securities and Exchange Commission, giving investors additional time to participate.

According to the company, the offer was supported by commercial banks, stockbroking firms, fintech platforms, capital market institutions and other distribution partners. Their involvement provided multiple channels for eligible investors to submit applications.

Dangote Industries Limited Group Chief Financial Officer, Murat Erden, said the transaction demonstrated the potential for African financial institutions and digital platforms to connect investors across national borders.

“The Dangote Refinery People’s IPO represents much more than a landmark capital-raising exercise. It marks a defining moment in the evolution of African capital markets, demonstrating our continent’s ability to mobilise domestic savings, connect investors across borders and broaden ownership of strategic industrial assets,” he said.

Erden also highlighted the refinery’s financial performance, stating that it recorded $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of 2026.

He said the company believed the offer could serve as a model for wider retail participation and greater integration of African capital markets.

The IPO comes as the refinery pursues plans to expand its refining and petrochemical operations, strengthen its distribution network and contribute to energy security across Africa.

Located in Lagos, the refinery is one of Africa’s largest private industrial investments, established to increase domestic processing capacity and reduce reliance on imported refined petroleum products.