By Annette Ikponmwonba | October 19, 2026
KEYPOINTS
• Dangote Refinery says its IPO has attracted investors from 51 African countries and more than 90 countries worldwide.
• The offer is scheduled to close on October 27, 2026, with no further extension currently planned.
• The company reports revenue of $22.5 billion and net profit of $4.7 billion for the nine months ended September 2026.
• Dangote Group CFO Murat Erden says the IPO offers Africans an opportunity to own shares in a major industrial asset.
• The company says cross-border collaborations have helped broaden investor access across African markets.
MAIN STORY
Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering (IPO) has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide, The company said the level of participation reflects growing interest among investors across Africa in owning shares in the refinery, whose offer is scheduled to close on October 27, 2026, In a statement on Sunday, the Chief Financial Officer of Dangote Group, Murat Erden, described the offering as an opportunity for Africans and international investors to participate in the ownership of a major industrial asset.
“This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets,” Erden said, He added that participation from individuals and institutions across Africa demonstrated a shared belief that Africans should benefit from industrial development and create wealth through ownership.
THE ISSUES
IPO Records Strong Investor Participation
Dangote Refinery said the IPO broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days, The company attributed the performance to demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
It also disclosed that collaborations involving Botswana, Egypt, Ethiopia and Kenya had helped broaden access and reduce barriers to participation for investors across the continent, The refinery said the offering provides an opportunity for investors to become shareholders in one of Africa’s largest industrial enterprises, It added that investors could potentially receive dollar-linked dividends, subject to the company’s dividend policy and applicable regulatory approvals.
Refinery Reports $22.5bn Revenue
The company recently reported revenue of $22.5 billion and a net profit of $4.7 billion for the nine months ended September 30, 2026, This compares with a loss of $117.2 million recorded during the corresponding period in 2025, According to the company, revenue increased by 144 per cent from $9.2 billion in the same period of 2025.
Earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to $5.5 billion from $627.6 million, Operating cash flow also increased more than tenfold to $3.68 billion, while the company moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $651 million in September 2026.
Erden said the refinery’s financial performance had advanced beyond the baseline assumptions used to determine its IPO valuation, He added that the company’s operational momentum, scale and efficiency supported its confidence in long-term growth prospects.
WHAT’S BEING SAID
Dangote Group CFO Murat Erden said the strong participation from investors across Africa reflected interest in sharing ownership of the continent’s industrial development, The company also maintained that its financial performance had strengthened its confidence in the refinery’s growth prospects and its potential to create shareholder value.
WHAT’S NEXT
With the offer scheduled to close on October 27, 2026, Dangote Refinery said it had intensified investor education and engagement activities across key markets to widen participation, The company stressed that no further extension of the offer period was currently planned, Investors will need to consider the offer terms, applicable regulations and the company’s dividend policy when assessing the opportunity.
BOTTOM LINE
Dangote Refinery’s IPO has attracted subscriptions from investors across 51 African countries and more than 90 countries worldwide. The company says its financial performance and cross-border collaborations have strengthened the offering, which is scheduled to close on October 27, 2026, without a further extension currently planned.
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