Dangote Petroleum Refinery and Petrochemicals says investors from 51 African countries and more than 90 countries worldwide have subscribed to its ongoing initial public offering.
The participation figures were disclosed in a company statement on Sunday, October 18, ahead of the offer’s October 27 closing date. They describe where subscribers are based, rather than the amount of money raised.
The company said retail investors, pension funds, institutional investors and asset managers had participated. It did not give a country-by-country breakdown or disclose how much of the demand came from Nigerian investors compared with overseas buyers.
Dangote Group Chief Financial Officer Murat Erden said the offering gave Africans and global investors an opportunity to own part of the refinery. The company also said cross-border market arrangements involving Botswana, Egypt, Ethiopia and Kenya had helped widen access to the offer.
NaijaTrend earlier reported the extension of the offer to October 27 here. The refinery now says no further extension is currently planned.
Refinery cites stronger financial results
Alongside the participation update, the company reported revenue of $22.5 billion and net profit of $4.7 billion for the nine months ended September 30, 2026. It said revenue had risen from $9.2 billion in the corresponding period of 2025, when it recorded a net loss of $117.2 million.
It also reported operating cash flow of $3.68 billion and said its balance sheet had moved from net debt of $1.73 billion in September 2025 to net cash of $651 million in September 2026. These are company-reported figures; BusinessDay said they had not been independently verified.
Erden said the results were ahead of the assumptions used in valuing the IPO. The company said shareholders could receive dollar-linked dividends, but any payments would depend on its dividend policy and regulatory approvals. It did not announce a dividend amount or payment date in the statement.
Sources: Punch, BusinessDay, Peoples Gazette
Something we should clarify?
Contact the newsroom
