Dangote Petroleum Refinery and Petrochemicals says its Initial Public Offering (IPO) attracted investor applications from 120 countries across six inhabited continents, including all 54 African countries.
The company described the offer as the “People’s IPO,” saying it demonstrated the potential of African capital markets to mobilise investment and broaden ownership of strategic industrial assets.
Beyond raising capital, the IPO was designed to expand retail investor participation by using digital technology and partnerships with banks, stockbroking firms, fintech platforms and other capital market institutions.
For Dangote Industries Limited, the offer marks a shift towards broader investor participation in the refinery, which was built as a major private industrial investment in Africa.
The company’s President and Chief Executive, Aliko Dangote, said the participation of investors from every African country reflected growing interest in owning and sharing in the returns of African industries.
“When we set out to build this refinery, many doubted that a project of this scale could be delivered by Africans. We proved that Africa could build it. Today, through this historic IPO, we have demonstrated something equally important: Africans are ready to own and participate in the prosperity created by their own industries,” he said.
Dangote said the offer was intended not only to raise capital but also to give ordinary Africans an opportunity to invest in a major industrial enterprise.
He added that the company would continue to pursue its expansion programme and Vision 2030 strategy, with a focus on operational performance, energy security and long-term growth.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said applications from 120 countries reflected international interest in the refinery’s operations, industrial scale and growth prospects.
“The successful conclusion of this IPO is a remarkable milestone for Dangote Petroleum Refinery and Petrochemicals. Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business and the confidence that investors are placing in the future of this refinery,” Bird said.
He said the breadth of participation, particularly across Africa, demonstrated the potential to connect investors across national borders and expand access to major industrial investment opportunities.
The IPO opened on September 14, 2026, with 4.1 billion ordinary shares offered at N525 each, representing a potential capital raise of approximately N2.15 trillion.
Originally scheduled to close on October 13, the offer was extended to October 27 following approval by the Securities and Exchange Commission to allow more investors to participate.
Dangote Industries Limited’s Group Chief Financial Officer, Murat Erden, said the transaction demonstrated how collaboration among banks, stockbrokers, fintech platforms and other financial institutions could widen access to investment opportunities across Africa.
He described the offer as a potential model for more interconnected African capital markets, adding that its significance extended beyond the amount of capital raised to the opportunities created for future investors and businesses.
Erden also cited the refinery’s reported revenue of US$22.5 billion and earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$5.52 billion in the first nine months of 2026 as indicators of its industrial scale and financial performance.
The company said the IPO came as it pursued plans to expand its refining and petrochemical operations, strengthen distribution and support energy security across Africa.
Located in Lagos, the refinery is a major investment aimed at increasing domestic petroleum processing capacity and reducing Nigeria’s dependence on imported refined petroleum products.
