DANGOTE Petroleum Refinery and Petrochemicals has concluded its initial public offering, attracting applications from investors in 120 countries, including all 54 African nations, as the company seeks to widen ownership of one of the continent’s largest industrial assets.
The offer, which opened on September 14 and closed on October 27, 2026, involved 4.1 billion ordinary shares priced at N525 each, translating to a proposed capital raise of about N2.15 trillion.
The company described the transaction as the People’s IPO, saying it was designed to extend investment opportunities beyond institutional investors and wealthy individuals to a broader pool of retail investors across Africa and international markets.
The participation of investors from all 6 inhabited continents highlights the international reach of the offer, while its coverage across Africa’s 54 countries points to the potential for cross-border investment in the continent’s industrial sector.
The Securities and Exchange Commission (SEC) approved an extension of the offer’s original October 13 closing date to October 27, giving investors additional time to participate.
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President and Chief Executive of Dangote Industries Limited, Alhaji Aliko Dangote, said the response demonstrated Africans’ willingness to invest in and own businesses developed on the continent.
“To have investor applications from all 54 African countries is deeply significant to me. It tells us that our people do not simply want to consume what Africa produces; they want to invest in it, own it and share in its future,” he said.
Dangote said the company wanted the IPO to create broader opportunities for African investors rather than focus solely on raising capital.
He added that the group would continue to pursue its expansion programme and Vision 2030 strategy, with an emphasis on operational performance and strengthening Africa’s energy security.
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Managing Director and Chief Executive of Dangote Petroleum Refinery and Petrochemicals, David Bird, said applications from 120 countries reflected international interest in the refinery’s operations and long-term prospects.
He said the company’s priority was to convert its industrial scale into improved operating performance, sustainable growth and long-term returns for shareholders.
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The offer also drew on a distribution network involving commercial banks, stockbrokers, fintech platforms and other capital market institutions. The company said the collaboration helped broaden access to the share sale across national borders.
Group Chief Financial Officer of Dangote Industries Limited, Murat Erden, said the transaction demonstrated the capacity of African financial institutions and digital platforms to connect investors with major industrial opportunities.
He described the offering as a potential model for expanding retail participation and linking capital markets across the continent.
Erden also highlighted the refinery’s financial performance, saying it generated $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation in the first nine months of 2026.
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The IPO comes as the refinery pursues plans to expand its refining and petrochemical operations and strengthen its distribution network.
Located in Lagos, the facility is a major private-sector investment aimed at increasing domestic refining capacity, reducing Nigeria’s dependence on imported petroleum products and supporting energy supply across Africa.
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The conclusion of the offer marks a significant stage in the refinery’s proposed transition towards broader investor ownership. The number of applications received, however, does not by itself establish the final amount raised or the shares that individual investors will receive. Those outcomes, experts say, depend on the final allocation process.
