Dangote Refinery IPO Attracts Investors From 51 African Countries

Dangote Petroleum Refinery and Petrochemicals has attracted subscriptions from investors in 51 of Africa’s 54 countries, according to the company, in a cross-border share offering that could become one of the continent’s largest public equity deals.

The company said on Sunday that subscriptions had come from more than 90 countries globally, with participation from retail investors, pension funds, institutional investors and asset managers. The initial public offering (IPO), which opened on September 14, is scheduled to close on October 27 following an extension approved by Nigeria’s Securities and Exchange Commission.

The refinery, owned by Nigerian industrialist Aliko Dangote, is seeking to raise about $1.6 billion through the offer, with the potential to raise up to $2.1 billion if an over-allotment option is exercised. The company is offering 4.1 billion ordinary shares at ₦525 each, according to its official notice extending the application period.

Dangote Group’s Chief Financial Officer, Murat Erden, described the offer as an opportunity for African and international investors to acquire stakes in a major industrial asset built on the continent. The company said participation across the region reflected growing interest in African industrial businesses and wider ownership of strategic infrastructure.

Dangote Refinery also said the offer set new records in Nigeria’s capital market on its opening day and surpassed the previous African record within its first 10 days. The company has not, however, publicly disclosed in the reports reviewed the total value of subscriptions received so far or how demand is distributed among the participating countries.

The offer period was extended by two weeks from its original October 13 closing date to give prospective investors more time to complete account-opening procedures, identity checks and other regulatory requirements. Reuters reported that the prospectus does not register the share sale as a public offering outside Nigeria, meaning participation by investors in other countries depends on local regulations and eligible investment channels.

The cross-border interest comes as the refinery reports a sharp improvement in its financial performance. For the nine months to September 30, 2026, the company recorded revenue of $22.48 billion and a net profit of $4.73 billion, compared with revenue of $9.19 billion and a net loss of $117.2 million in the corresponding period a year earlier. The figures were unaudited results reported by the company, according to Reuters.

Earnings before interest, taxes, depreciation and amortisation rose to $5.52 billion from $627.6 million, while operating cash flow increased to $3.68 billion from $364.7 million. The refinery also moved from a net debt position of $1.73 billion a year earlier to net cash of about $650.8 million at the end of September, Reuters reported.

The refinery, located in the Lekki area of Lagos State, has a processing capacity of 700,000 barrels of crude oil per day and began operations in 2024. It has become a major supplier of refined petroleum products to Nigeria and regional markets, while the company plans to increase capacity to 1.4 million barrels per day by 2029.

Dangote’s IPO is being presented as a chance to expand African participation in the ownership of major industrial assets, but the geographic reach of subscriptions does not, by itself, establish how much capital has come from outside Nigeria or how many investors will ultimately receive shares. The offer also highlights the practical challenges of connecting African capital markets, where different regulatory rules and investment infrastructure can complicate cross-border participation. With the October 27 deadline approaching and no further extension currently planned, the final subscription figures will provide a clearer measure of how far the offer has converted its broad international reach into investor commitments.