Dangote Petroleum Refinery & Petrochemicals (https://www.dangote.com) announced that its ongoing Initial Public Offering has secured interest from investors in over 90 countries, with participation from 51 of Africa’s 54 nations, making it the continent’s first truly pan‑African public float.
This unprecedented demand positions the deal as a milestone for African‑led industrialisation, signalling strong confidence among Africans and global investors to own strategic assets built on the continent.
The company reported that the IPO has already set fresh standards in the capital markets, shattering the Nigerian market record on its opening day and eclipsing the previous African record within ten days, driven by vigorous demand from retail investors, pension funds, institutional players, asset managers and the broader investing public.
Chief Financial Officer of the Dangote Group, Murat Erden, said: “This offering is far more than a capital‑raising exercise. It is a landmark chance for Africans and global investors to own a transformative industrial asset. The extraordinary participation from individuals and institutions across Africa shows a shared belief that Africans should both benefit from and own the wealth created by industrial development.”
Investor enthusiasm arrives alongside robust operational and financial results. For the nine months ended 30 September 2026, the refinery posted revenue of US$22.5 billion and net profit of US$4.7 billion, marking one of the strongest performances by an African industrial firm in recent years.
These figures represent a sharp turnaround from the same period in 2025, when the company recorded a loss of US$117.2 million. Revenue surged 144 % to US$9.2 billion, EBITDA jumped nearly nine‑fold to US$5.5 billion from US$627.6 million, and operating cash flow rose more than ten‑fold to US$3.68 billion, underscoring the refinery’s growing capacity to generate earnings and cash.
The balance sheet also improved markedly, shifting from a net debt of US$1.73 billion in September 2025 to a net cash position of US$651 million by September 2026, reflecting stronger liquidity and financial resilience.
According to Erden, the refinery’s current performance far exceeds the assumptions used to value the IPO.
“Our financial results have already moved well beyond the baseline assumptions that underpinned the IPO valuation. The refinery’s operational momentum, scale and efficiency continue to create substantial shareholder value and reinforce our confidence in its long‑term growth prospects,” he added.
The transaction also advanced African capital‑market integration, benefiting from pioneering cross‑border collaborations with Botswana, Egypt, Ethiopia and Kenya, which broadened access and lowered barriers for investors across the continent.
Dangote Petroleum Refinery described the IPO as a vivid illustration of the increasing sophistication, depth and interconnectedness of African financial markets, offering a template for future continent‑wide investment offerings.
The company reiterated that the IPO gives investors a unique chance to become shareholders in one of Africa’s largest and fastest‑growing industrial enterprises, with the prospect of USD‑linked dividends subject to the firm’s dividend policy and regulatory approvals.
With the offer slated to close on 27 October 2026, the refinery has intensified investor education and engagement across key markets to ensure broad inclusion, and it confirmed that no further extension of the offer period is planned.
Erden concluded: “We are witnessing a new chapter in African industrial ownership and capital‑market development. The overwhelming response from investors in 51 African countries and more than 90 nations worldwide is a strong vote of confidence in Africa’s future and in the ability of world‑class African enterprises to deliver sustainable value for shareholders.”
Dangote Petroleum Refinery thanked regulators, stockbrokers, issuing houses, financial institutions, fintech partners, community leaders, investor associations and the investing public for their support throughout the offer period.