Dangote Petroleum Refinery and Petrochemicals has received share subscriptions from investors in 51 African countries, with participation extending to more than 90 countries globally.
The company disclosed this in a statement on Sunday, noting that the response to its ongoing initial public offering reflects growing interest in the ownership of one of Africa’s largest industrial investments.
The offer is scheduled to close on October 27, 2026, with the refinery stating that no further extension is currently planned.
Murat Erden, Chief Financial Officer of Dangote Group, said the IPO provides an opportunity for Africans and international investors to own a stake in a major industrial asset and benefit from the wealth created through industrial development.
According to the company, the offer set a record in the Nigerian capital market on its opening day and surpassed the previous African record within its first 10 days. It attributed the strong performance to participation from individual investors, pension funds, asset managers and other institutional investors.
The refinery also reported a significant improvement in its financial performance for the nine months ended September 30, 2026.
Revenue reached $22.5bn, representing a 144 per cent increase from $9.2bn recorded during the corresponding period in 2025. Net profit stood at $4.7bn, compared with a loss of $117.2m a year earlier.
Earnings before interest, taxes, depreciation and amortisation rose to $5.5bn from $627.6m, while operating cash flow increased to $3.68bn, more than 10 times the previous year’s figure.
The company also moved from a net debt position of $1.73bn in September 2025 to a net cash position of $651m in September 2026.
Erden said the refinery’s financial results had exceeded the baseline assumptions used to determine the IPO valuation, adding that its operational growth and efficiency supported its long-term prospects.
To expand participation across the continent, the company said it had worked with market partners in Botswana, Egypt, Ethiopia and Kenya to improve access to the offer and reduce barriers for investors.
The IPO gives investors an opportunity to acquire shares in the refinery, with the possibility of receiving dollar-linked dividends, subject to the company’s dividend policy and relevant regulatory approvals.
As the closing date approaches, the company said it was stepping up investor education and engagement in key markets to encourage wider participation.
