Dangote Refinery IPO Attracts Investors From 120 Countries

In a major boost for African capital markets, the refinery’s public offer draws applications from all 54 African nations, with ₦2.15 trillion targeted from the share sale.

Dangote Petroleum Refinery’s maiden public offer has attracted investors from 120 countries, spanning all six inhabited continents and every one of Africa’s 54 nations, in a sweeping international response to the sale of shares in one of the continent’s biggest industrial ventures.

The offer closed on Tuesday, October 27, marking a significant milestone in the refinery’s drive to expand public ownership and attract investment from across Africa and beyond.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said the participation of investors from every African country reflected a growing desire among Africans to own, invest in and benefit from industries built on the continent.

He described the response as a powerful endorsement of the vision of shared ownership and prosperity.

“We did not undertake this IPO simply because we needed to raise capital. We wanted to open the doors of ownership, give ordinary Africans an opportunity to participate in an enterprise of global significance,” Dangote said.

He added that the company would press ahead with its Vision 2030 expansion programme, focusing on operational performance, business growth and Africa’s energy security.

David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, said the global response demonstrated investor confidence in the refinery’s scale, operational capabilities and long-term prospects.

The offer, which opened on September 14, comprised 4.1 billion ordinary shares priced at ₦525 each, targeting approximately ₦2.15 trillion in capital.

Originally scheduled to close on October 13, the offer was extended to October 27 following approval by the Securities and Exchange Commission, giving prospective investors additional time to participate.

Banks, stockbrokers, fintech platforms and other capital market operators supported the exercise, providing multiple channels for eligible investors to submit applications.

Murat Erden, Group Chief Financial Officer of Dangote Industries Limited, said the transaction demonstrated the potential of African financial institutions and digital platforms to mobilise savings and connect investors across national borders.

Beyond the international investor response, Erden disclosed that the refinery recorded $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of 2026.

He said the offer could provide a model for expanding retail investment and deepening integration among African capital markets.

The share sale comes as the refinery pursues an ambitious expansion of its refining and petrochemical operations, alongside plans to strengthen distribution and reduce Africa’s dependence on imported petroleum products.

Based in Lagos, the refinery is one of Africa’s largest private industrial investments, with its expansion expected to play a significant role in Nigeria’s domestic refining capacity and the continent’s broader energy ambitions.