Dangote Refinery IPO attracts investors from 90 countries

Dangote Petroleum Refinery & Petrochemicals has announced that its initial public offering (IPO) has garnered interest from investors across 90 countries, marking a historic pan-African public offering. Over 51 African nations, representing more than 90 countries globally, have shown interest in the IPO, signifying strong investor confidence in African-led industrialization.

The company stated that the transaction is a significant milestone, as it breaks the Nigerian market record on its opening day and surpasses the previous African record within the first ten days. Chief Financial Officer of Dangote Group, Murat Erden, emphasized that the IPO is a landmark opportunity for Africans and global investors to participate in owning a transformative industrial asset on the continent.

The IPO's success is driven by robust demand from various investors, including retail investors, pension funds, institutional investors, asset managers, and members of the investing public. Dangote Petroleum Refinery reported a strong financial performance for the nine months ending September 30, 2026, with revenue of US$22.5 billion and a net profit of US$4.7 billion.

The refinery's revenue grew by 144 percent, and EBITDA increased nearly nine-fold compared to the same period in 2025. The company's balance sheet also strengthened, moving from a net debt position of US$1.73 billion to a net cash position of US$651 million. Erden highlighted that the refinery's financial performance exceeds the assumptions used in determining the IPO valuation, underscoring the refinery's growth prospects and creating substantial shareholder value.