Dangote Petroleum Refinery and Petrochemicals says its initial public offering (IPO) received investor applications from 120 countries, including all 54 African nations, following the closure of the offer on Tuesday.
The company described the outcome as a significant development for African capital markets, noting that the offer attracted investors from all six inhabited continents and expanded opportunities for people to own shares in a major industrial asset.
In a statement, Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said the response reflected Africans’ willingness to invest in industries established on the continent and participate in their growth.
“To have investor applications from all 54 African countries is deeply significant to me. It shows our people don’t just want to consume what Africa produces; they want to invest in it, own it, and share in its future. This is the Africa we have always believed in,” he said.
Dangote explained that the public offer was designed not only to raise funds but also to increase public participation in the refinery’s ownership.
“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 and establish a new culture of shared prosperity,” he said.
He added that the company would continue implementing its expansion plans and Vision 2030 strategy, prioritising operational performance and Africa’s energy security.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, said the international response demonstrated investor confidence in the refinery’s size, operational capabilities and long-term prospects.
“The successful conclusion of this IPO is a remarkable milestone for Dangote Petroleum Refinery and Petrochemicals. Investor applications from 120 countries demonstrate extraordinary international interest in our business and the confidence investors place in this refinery’s future,” Bird said.
He said the company would concentrate on converting its industrial capacity into operational excellence, sustainable growth and lasting value for shareholders.
The offer opened on September 14, with 4.1 billion ordinary shares priced at ₦525 each, representing a proposed capital raise of approximately ₦2.15 trillion.
Initially scheduled to close on October 13, the offer was extended to October 27 after receiving approval from the Securities and Exchange Commission, allowing investors more time to participate.
The company said commercial banks, stockbroking firms, fintech platforms, capital market institutions and other distribution partners supported the offer, providing eligible investors with several channels through which to submit applications.
Murat Erden, Group Chief Financial Officer of Dangote Industries Limited, said the transaction demonstrated how African financial institutions and digital platforms could connect investors across national boundaries.
“The Dangote Refinery People’s IPO represents much more than a landmark capital-raising exercise. It marks a defining moment in the evolution of African capital markets, demonstrating our continent’s ability to mobilise domestic savings, connect investors across borders and broaden ownership of strategic industrial assets,” he said.
Erden also highlighted the refinery’s financial results, saying it generated $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 believed the offer could provide a model for expanding retail investor participation and strengthening integration across African capital markets.
The IPO comes as the refinery advances plans to expand its refining and petrochemical operations, strengthen its distribution network and support energy security across Africa.
Located in Lagos, the refinery is one of Africa’s largest private industrial investments. It was established to increase domestic processing capacity and reduce dependence on imported refined petroleum products.