L-R: Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group); Dr. George Elombi, President and Chairman, African Export-Import Bank (Afreximbank); Aliko Dangote, GCON, President and Chief Executive, Dangote Industries Limited; Omar Radwan, Executive Chairman, Egyptian Exchange (EGX); Temi Popoola, GMD/CEO, NGX Group; and Chuka Eseka, GMD/CEO, Vetiva Capital Management.
By Peace Udugba — The Daily Torch Media
Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering (IPO) has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide.
The company described the level of participation as a major milestone for African capital markets, demonstrating growing investor interest in African-owned industrial assets and opportunities to participate in the continent’s economic development.
According to the refinery, the offer broke Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days. Participation reportedly spans retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
The IPO is scheduled to close on October 27, 2026, with the company intensifying investor education and engagement activities to encourage wider participation. No further extension of the offer period is currently planned.
Murat Erden, Chief Financial Officer of Dangote Group, said the offering represents more than a fundraising exercise, describing it as an opportunity for Africans and international investors to own a stake in one of the continent’s major industrial investments.
He said the participation from across Africa reflects growing confidence in the ability of African enterprises to generate wealth and deliver long-term value.
The investor interest comes amid strong financial results reported by the refinery for the nine months ended September 30, 2026.
The company reported revenue of $22.5 billion and net profit of $4.7 billion, compared with a loss of $117.2 million in the corresponding period of 2025.
Revenue increased by 144 per cent from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose nearly ninefold to $5.5 billion from $627.6 million.
Operating cash flow also increased more than tenfold to $3.68 billion. The refinery further reported a turnaround in its financial position, moving from net debt of $1.73 billion in September 2025 to net cash of $651 million in September 2026.
Meanwhile, investment research firm Renaissance Capital Africa has raised its valuation of Dangote Petroleum Refinery to ₦700.41 per share, representing a potential 33.4 per cent upside against the IPO offer price of ₦525 per share.
In an October 16, 2026, update titled “Stronger Refining Margins Drive Earnings Outperformance,” the firm attributed the revised valuation to stronger refining margins and better-than-expected operating and financial performance.
The refinery said the valuation assessment reflects its operational momentum and growth prospects, although market valuations and potential returns are not guaranteed.
The IPO has also benefited from cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, aimed at broadening access for investors across Africa.
The company said the offer provides an opportunity to become shareholders in one of Africa’s major industrial enterprises, with the potential for US dollar-linked dividends, subject to its dividend policy and applicable regulatory approvals.
Dangote Petroleum Refinery expressed appreciation to regulators, stockbrokers, financial institutions, fintech partners and investors for supporting the offering, which it believes could provide a model for future pan-African investment opportunities.
Tags: Dangote Refinery, Dangote IPO 2026, African investors, Renaissance Capital, Nigerian capital market, Aliko Dangote
