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Dangote Petroleum Refinery & Petrochemicals says its IPO has drawn subscriptions from more than 90 countries, including investors in 51 of Africa's 54 states. The offering broke Nigerian market records on day one and set a new African benchmark within ten days.
Dangote Petroleum Refinery posted a net profit of $4.73 billion for the first nine months of 2026, reversing a $117.2 million loss from the same period last year. The surge in earnings comes as the company pushes its $1.6 billion initial public offering to a later date.
Dangote Petroleum Refinery and Petrochemicals has moved the closing date of its IPO to 27 October 2026 after receiving SEC approval, citing strong investor demand across Africa. The offer comprises 4.1 billion shares at ₦525 each, valued at roughly ₦2.15 trillion.
Dangote Petroleum Refinery has extended its $2.1 billion IPO by ten days, shifting the closing date to 23 October. The move aims to broaden participation from investors across Kenya, Uganda and the wider continent.
The $1.5 billion initial public offering of Dangote Petroleum Refinery & Petrochemicals FZE has been completed, marking Africa’s biggest single IPO and the first by a Free Zone Entity in Nigeria, with law firm AELEX acting as solicitor.