Dangote Refinery’s IPO has attracted investors from over 90 countries as the company reports US$22.5 billion in revenue and US$4.7 billion in net profit for the first nine months of 2026.
Dangote Petroleum Refinery and Petrochemicals has attracted investors from more than 90 countries through its ongoing initial public offering (IPO).
In a statement, the company said investors from 51 of Africa’s 54 countries had subscribed to the offer. It described the participation as a sign of growing interest in African-owned industrial assets.
The company also said the IPO set new records in Nigeria’s capital market on its opening day. According to the statement, the offer surpassed the previous African record within its first ten days.
Retail investors, pension funds, institutional investors, asset managers and other members of the public have participated in the offering.
Refinery Reports Higher Revenue and Profit
The investor interest comes as the refinery reports improved financial performance.
For the nine months ended September 30, 2026, the company recorded US$22.5 billion in revenue and US$4.7 billion in net profit.
These results represent a turnaround from the corresponding period in 2025, when the refinery reported a net loss of US$117.2 million.
Revenue increased by 144 per cent, rising from US$9.2 billion to US$22.5 billion. Meanwhile, earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed nearly ninefold to US$5.5 billion from US$627.6 million.
Operating cash flow also increased more than tenfold to US$3.68 billion. Additionally, the company moved from net debt of US$1.73 billion in September 2025 to a net cash position of US$651 million in September 2026.
Dangote Group Highlights Investor Opportunity
Dangote Group Chief Financial Officer Murat Erden said the offering would give African and international investors an opportunity to own a major industrial asset.
He added that the refinery’s financial performance had exceeded the baseline assumptions used to determine its IPO valuation.
According to Erden, the company’s operational scale, efficiency and growth prospects support its long-term outlook.
The refinery also described the offering as an example of growing connections between African financial markets. It said the transaction could provide a model for future investment offerings across the continent.
IPO Closes October 27
The company said the offer is scheduled to close on October 27, 2026. It has intensified investor education and engagement across key markets ahead of the deadline.
It also stated that no further extension of the offer period was currently planned.
Erden said participation from investors across 51 African countries and more than 90 countries globally reflected interest in African industrial ownership and capital-market development.