Nigeria’s Dangote Petroleum Refinery & Petrochemicals said on Sunday its ongoing initial public offering had attracted subscriptions from more than 90 countries, including 51 of Africa’s 54 nations.
The company said the offering had broken the Nigerian market record on its opening day and surpassed the previous African record within 10 days. It did not specify the records or disclose the value of subscriptions received.
Demand came from retail investors, pension funds, institutional investors and asset managers, the company said, describing the transaction as Africa’s first truly pan-African public offering.
Dangote Group Chief Financial Officer Murat Erden said the offering provided an opportunity for African and international investors to acquire a stake in the refinery.
“The extraordinary participation from individuals and institutions across Africa demonstrates a shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it,” he said.
The refinery reported revenue of $22.5 billion and net profit of $4.7 billion for the nine months ended Sept. 30, 2026, compared with revenue of $9.2 billion and a loss of $117.2 million a year earlier.
Revenue rose about 144%, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased nearly ninefold to $5.5 billion from $627.6 million, the company said.
Operating cash flow rose more than tenfold to $3.68 billion.
The company said it moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $651 million in September 2026.
Erden said the results exceeded the assumptions used to determine the IPO valuation.
“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation,” he said.
“The refinery’s operational momentum, scale and efficiency continue to create substantial shareholder value and reinforce our confidence in its long-term growth prospects.”
The company said cross-border capital market collaborations involving Botswana, Egypt, Ethiopia and Kenya had helped broaden access to the offering and reduce barriers to participation.
It said investors could receive dividends linked to the U.S. dollar, subject to its dividend policy and applicable regulatory approvals.
The offer is scheduled to close on Oct. 27, 2026, with no further extension currently planned, the company said.
Dangote said it had stepped up investor education and engagement across key markets to encourage wider participation.
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