By FRONTLINE REPORTERS

Dangote Petroleum Refinery and Petrochemicals has announced that its initial public offering (IPO) attracted investor applications from 120 countries, including all 54 African nations, following the closure of the offer on Tuesday, October 27.

The company described the outcome as a significant milestone for African capital markets, noting that the offer attracted interest from investors across all six inhabited continents and provided a broader range of participants with an opportunity to own shares in one of Africa’s largest industrial investments.

In a statement, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the response demonstrated Africans’ growing willingness to invest in industries established on the continent and share in their growth. He described the participation of investors from every African country as a powerful demonstration of the continent’s investment potential.

Dangote explained that the public offer was designed not only to raise capital but also to broaden ownership of the refinery and give ordinary Africans an opportunity to participate in a major industrial enterprise. He added that the company would continue to pursue its expansion programme and Vision 2030 strategy, focusing on operational efficiency, sustainable growth and Africa’s energy security.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the international response reflected investor confidence in the refinery’s scale, operational capabilities and long-term prospects. He stressed that the company would focus on translating its industrial capacity into operational excellence, sustainable growth and long-term shareholder value.

The IPO opened on September 14, offering 4.1 billion ordinary shares at ₦525 per share, with a proposed capital raise of approximately ₦2.15 trillion. Originally scheduled to close on October 13, the offer was extended to October 27 following approval by the Securities and Exchange Commission (SEC), giving prospective investors additional time to participate.

According to the company, commercial banks, stockbroking firms, fintech platforms, capital market institutions and other distribution partners supported the offer by providing multiple channels through which eligible investors could submit applications.

Dangote Industries Limited Group Chief Financial Officer, Murat Erden, said the transaction demonstrated the capacity of African financial institutions and digital platforms to mobilise domestic savings, connect investors across borders and expand public participation in strategic industrial assets.

Erden also disclosed that the refinery recorded $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) during the first nine months of 2026. He said the company hoped the IPO would serve as a model for increased retail investor participation and deeper integration of African capital markets.

The public offer comes as the refinery advances plans to expand its refining and petrochemical operations, strengthen its distribution network and contribute to energy security across the continent.

Located in Lagos, the Dangote Refinery is one of Africa’s largest private industrial investments. It was established to increase domestic petroleum processing capacity, reduce Nigeria’s dependence on imported refined petroleum products and strengthen the country’s position in regional energy markets.