Dangote Refinery IPO Attracts Investors From 90 Countries
Dangote Petroleum Refinery & Petrochemicals reports record-breaking IPO demand from over 90 countries and a net profit of $4.7 billion for the first nine months of 2026.
The Dangote Petroleum Refinery & Petrochemicals initial public offering has attracted investors from more than 90 countries, including 51 of Africa's 54 nations. The offering broke the Nigerian market record on its opening day and surpassed the previous African record within ten days, fueled by high demand from both retail and institutional investors.
Financial results for the nine months ending September 30, 2026, show a significant turnaround for the company. The refinery reported revenue of $22.5 billion and a net profit of $4.7 billion, compared to a $117.2 million loss in 2025. Following these results, Renaissance Capital Africa raised its valuation of the refinery to N700.41 per share, representing a 33.4% increase over the IPO price of N525.
The offering includes potential USD-linked dividends and cross-border collaborations with Botswana, Egypt, Ethiopia, and Kenya to expand investor access. The IPO is scheduled to close on October 27, 2026, with the company stating that no further extensions will be granted.
