Dangote Petroleum Refinery and Petrochemicals has concluded its N2.15 trillion initial public offering, attracting applications from investors across 120 countries spanning six continents.
The company announced the development on Tuesday, describing the offer as a major step towards expanding public ownership of one of Africa’s largest industrial projects.
The IPO, branded “The People’s IPO”, offered 4.1 billion ordinary shares at N525 per share, targeting proceeds of approximately N2.15 trillion.
According to the company, applications came from all 54 African countries and other markets worldwide, reflecting interest from both individual and institutional investors.
The offer, which opened on September 14 and was initially scheduled to close on October 13, was extended until October 27 following approval from the Securities and Exchange Commission.
Dangote Industries President and Chief Executive, Aliko Dangote, said the offer was designed to give more people an opportunity to own shares in the refinery and participate in the wealth generated by African industries.
He said the company wanted to broaden access to ownership beyond raising capital, allowing investors across the continent to benefit from the growth of a major industrial enterprise.
Managing Director and Chief Executive of Dangote Refinery, David Bird, said applications from 120 countries demonstrated international investor interest in the business and confidence in its future.
The company said commercial banks, stockbrokers, financial technology platforms and other capital market operators helped investors access the offer across different countries, including markets where participation in Nigerian share offerings may otherwise be difficult.
Group Chief Financial Officer of Dangote Industries, Murat Erden, disclosed that the refinery recorded $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) during the first nine months of 2026.
Erden said the results, alongside the refinery’s industrial capacity, offered potential for long-term growth and demonstrated the ability of African capital markets to mobilise funds for large-scale projects.
The company is pursuing further expansion of its refining and petrochemical operations, alongside plans to strengthen its distribution network under its Vision 2030 strategy.
The refinery is expected to play a major role in reducing Africa’s dependence on imported refined petroleum products by increasing local processing capacity and supporting regional fuel supply.
Dangote said the wider ambition was to help African countries retain more economic value from their resources and give local investors a greater stake in the continent’s industrial development.
