Dangote: Refinery IPO attracts investors from 51 African countries
Dangote Petroleum Refinery and Petrochemicals says its ongoing initial public offering has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide. In a statement on Sunday, Dangote Group Chief Financial Officer, Murat Erden, described the offering as an opportunity for African and international investors to participate in the ownership of one of the continent’s major industrial assets. The company said the IPO broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days, driven by participation from retail investors, pension funds, institutional investors and asset managers. It also cited cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya as efforts to broaden access to the offer, which is scheduled to close on October 27, 2026. The refinery said no further extension of the offer period was currently planned.
The company also reported revenue of $22.5 billion and a net profit of $4.7 billion for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025. Revenue rose by 144 per cent from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation increased nearly ninefold to $5.5 billion from $627.6 million. Operating cash flow climbed more than tenfold to $3.68 billion, and the refinery moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $651 million a year later. Erden said the financial performance had exceeded the assumptions used in determining the IPO valuation. The company added that the offer could provide investors with the potential for dollar-linked dividends, subject to its dividend policy and applicable regulatory approvals, while saying it had intensified investor education and engagement ahead of the closing date.
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