Dangote Refinery IPO Draws Investors From 51 African Countries, Over 90 Nations Worldwide

The $2.15 trillion share offer is scheduled to close on 27 October, as the refinery seeks to widen ownership beyond Nigeria.

Dangote Petroleum Refinery and Petrochemicals has attracted subscriptions from investors in more than 90 countries worldwide, including 51 of Africa’s 54 nations, highlighting the international reach of its ongoing public share offer.

The company disclosed the figures on Sunday, 18 October, describing the participation as a milestone in efforts to give African and international investors an opportunity to own a stake in one of the continent’s largest industrial assets.

The offering, promoted by Africa’s richest man, Aliko Dangote, is scheduled to close on 27 October 2026. The deadline was extended from 13 October following approval from Nigeria’s Securities and Exchange Commission (SEC), allowing prospective investors additional time to complete their applications and meet the relevant regulatory requirements.

In a statement, Dangote Group Chief Financial Officer Murat Erden said the offering represented more than a capital-raising exercise, describing it as an opportunity for Africans and international investors to participate directly in the ownership of a major industrial enterprise.

The company said subscriptions had come from both individual and institutional investors, including retail investors, pension funds and asset managers.

However, it did not disclose the total value of subscriptions received, the number of applications submitted or the amount attributable to investors in individual countries.

The participation reported across 51 African countries underscores the potential demand for investment opportunities that allow Africans to own businesses and industrial assets operating on the continent.

The refinery has pursued initiatives to broaden access to the offer through distribution arrangements and market-access programmes in several African jurisdictions, including Botswana, Egypt, Ethiopia and Kenya.

These efforts are significant because cross-border investment remains complicated by differences in securities regulations, investor verification requirements and the availability of authorised subscription channels.

A Reuters report published earlier this month highlighted some of these challenges, noting that investors outside Nigeria had encountered barriers linked to regulatory restrictions and limited access to authorised intermediaries.

The reported number of participating countries therefore provides an indication of the offer’s geographical reach, but it does not establish how evenly investor demand is distributed across the continent. Nor does the figure confirm that all applications will result in successful share allocations.

 

For the nine months ended 30 September 2026, Dangote Petroleum Refinery reported revenue of approximately $22.48 billion and net profit of $4.73 billion, according to figures reported by Reuters.

Revenue increased from $9.2 billion in the corresponding period of 2025, while the company moved from a net loss of $117.2 million to a substantial profit.

Earnings before interest, taxes, depreciation and amortisation rose to approximately $5.52 billion, compared with $627.6 million a year earlier.

The financial turnaround provides important context for the public offering, as investors assess the refinery’s earnings performance, operational prospects and potential to generate returns over the longer term.

Nevertheless, past financial performance does not guarantee future profitability or investment returns.

 

The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, according to the refinery’s official offer information. The offer opened on 14 September and is intended to broaden the company’s ownership base.

At the offer price, full subscription of the shares would amount to approximately ₦2.15 trillion before transaction costs.

The company has said that no further extension of the application period is currently planned. Under the revised timetable, the application list is due to close on 27 October, followed by the collation of returns and the regulatory process for determining share allotments.

Investors are advised to use only authorised subscription channels and review the offer prospectus before making an investment decision.

The reported subscriptions from more than 90 countries, including 51 African nations, mark a significant milestone in the refinery’s effort to attract a geographically diverse investor base.

The final ownership structure, however, will depend on the outcome of the offer, the number of valid applications and the subsequent allocation and settlement of shares.

For prospective investors, the offer presents an opportunity to evaluate a major African industrial business, but the decision should be based on the prospectus, financial disclosures, valuation, business risks and individual investment objectives rather than the reported geographical reach of subscriptions alone.

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