Dangote Petroleum Refinery and Petrochemicals has successfully concluded its landmark Initial Public Offering (IPO) with investor applications from 120 countries across all six inhabited continents including all 54 African countries.
The historic offering described as The People IPO achieved 100 per cent geographical coverage of Africa and was described as an unprecedented demonstration of continent capacity to mobilise capital and broaden ownership of strategic industrial assets.
Transaction was supported by an extensive network of commercial banks, stockbroking firms, fintech platforms, capital market institutions and distribution partners whose collaboration expanded access across national boundaries.
President and Chief Executive of Dangote Industries Limited Aliko Dangote said the outcome was a powerful affirmation of African confidence and enterprise.
He said when they set out to build a refinery many doubted projects of such scale could be delivered by Africans, noting that through historic IPO they have demonstrated that Africans are ready to own and participate in prosperity created by their own industries.
He said having applications from all 54 African countries shows people do not simply want to consume what Africa produces but want to invest in it and own it.
He added that the IPO was not undertaken simply to raise capital but to open doors of ownership and give ordinary Africans opportunity to participate in enterprises of global significance.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals David Bird said international response reflected confidence in refinery operating capabilities and long term growth prospects.
He said investor applications spanning 120 countries demonstrate extraordinary international interest and confidence investors are placing in the future of the refinery.
Group Chief Financial Officer Dangote Industries Limited Murat Erden said the transaction has established important precedent for continent capital markets and marks a defining moment in the evolution of African capital markets.
He said reaching investors in 120 countries including all 54 African nations is an extraordinary achievement and testament to growing investment appetite across the continent.
He disclosed that with 22.5 billion dollars in revenue and 5.52 billion dollars in EBITDA in the first nine months of 2026 Dangote Refinery combines world class industrial scale and strong profitability.
Refinery IPO opened on September 14 2026 offering 4.1 billion ordinary shares at N525 per share representing proposed capital raise of approximately N2.15 trillion.
Initially scheduled to close on October 13, the offer was extended to October 27 following approval by the Securities and Exchange Commission (SEC) to allow additional time for investors across Africa and other international markets to participate.
