Dangote Refinery Completes Landmark IPO Across 120 Countries
Dangote Petroleum Refinery and Petrochemicals concluded its People's IPO on October 27, attracting investors from all 54 African nations and 120 countries globally.
The Dangote Petroleum Refinery and Petrochemicals concluded its Initial Public Offering, known as The People's IPO, on October 27, 2026. The offering attracted investor applications from 120 countries, including all 54 African nations. The company offered 4.1 billion ordinary shares at N525 per share, aiming to raise approximately N2.15 trillion to double its refining capacity from 700,000 to 1.4 million barrels per day and expand regional distribution infrastructure.
The IPO's closing followed a surge in subscriptions driven by strong nine-month financial results ending September 30, 2026. The refinery reported revenue of $22.5 billion, a 144 percent year-on-year increase, and a net profit of $4.73 billion, shifting from a net debt to a net cash position. These figures supported the final push for subscriptions before the deadline, which had been extended with approval from the Securities and Exchange Commission.
Located in Lagos, the refinery has already reduced Nigeria's reliance on fuel imports, supplying roughly 90% of domestic petrol needs by mid-2026 and generating $750 million in export revenue in the first half of the year. Aliko Dangote characterized the full continental participation as a demonstration of Africa's ability to mobilize its own resources and finance its industrial future.
