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•All 54 African nations represented as offer closes
Dangote Petroleum Refinery and Petrochemicals has concluded its initial public offering (IPO), attracting investor applications from 120 countries across all six inhabited continents, including all 54 African nations.
The company said the offer, which opened on September 14, 2026, and closed on October 27 after an extension approved by the Securities and Exchange Commission (SEC), marked a major milestone in efforts to broaden ownership of African industrial assets.
The IPO offered 4.1 billion ordinary shares at N525 per share, targeting about N2.15 trillion in capital.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the participation of investors from every African country demonstrated the continent’s willingness to invest in and own businesses built within its borders.
“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 designed not only to raise funds but also to give more Africans the opportunity to own shares in a major industrial enterprise.
He added that the company would continue to expand its operations, support Africa’s energy security and create long-term value for investors.
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Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said applications from 120 countries reflected international confidence in the refinery’s operations, scale and growth prospects.
He said the company would focus on improving operational efficiency, sustaining growth and delivering long-term value to shareholders.
Group Chief Financial Officer of Dangote Industries Limited, Murat Erden, said the transaction showed how African financial institutions, banks, stockbrokers and digital investment platforms could work together to connect investors across national borders.
He said the offer could serve as a model for expanding access to investment opportunities and strengthening African capital markets.
Erden also disclosed that the refinery recorded revenue of $22.5 billion and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $5.52 billion in the first nine months of 2026.
The refinery, located in Lagos, is pursuing plans to expand its refining and petrochemical operations, strengthen distribution and reduce Africa’s dependence on imported refined petroleum products.
The company said the IPO’s broad geographical reach demonstrated the potential of digital platforms and partnerships with financial institutions to make investment opportunities accessible to more people.
