Dangote refinery IPO draws investors from 120 countries.

Dangote Petroleum Refinery and Petrochemicals has completed a landmark initial public offering that attracted investor applications from 120 countries, including all 54 African nations. The company said the offer, described as “The People’s IPO”, reached all six inhabited continents and marked a significant broadening of ownership in one of Africa’s biggest industrial projects.

The IPO opened on 14 September 2026 with 4.1 billion ordinary shares priced at N525 each, targeting a capital raise of about N2.15 trillion. It was originally due to close on 13 October but was extended to 27 October after approval from the Securities and Exchange Commission, giving more investors in Africa and other markets time to take part.

Aliko Dangote, president and chief executive of Dangote Industries Limited, said the result showed Africans were ready to invest in major industries built on the continent. “To have investor applications from all 54 African countries is deeply significant to me,” he said. David Bird, managing director and chief executive of the refinery, said the response reflected confidence in the business, while group chief financial officer Murat Erden called the transaction a new benchmark for African capital markets.

The company said the offer was intended not only to raise funds but also to widen participation in a strategic African industrial asset. It credited the reach of the transaction to a network of commercial banks, stockbrokers, fintech platforms, capital market institutions and distribution partners, which helped eligible investors apply across national borders and through digital channels.

Dangote said the outcome demonstrated that Africans wanted to “invest in it, own it and share in its future”, adding that the refinery’s next phase would be tied to its expansion programme and Vision 2030 strategy. Bird said the breadth of participation was a strong endorsement of the refinery’s prospects and of Africa’s growing role in global investment markets.

Erden said the IPO showed how African markets could mobilise savings, link investors across borders and broaden ownership of major industrial assets. He said the refinery recorded US$22.5 billion in revenue and US$5.52 billion in EBITDA in the first nine months of 2026, which he cited as evidence of the strength behind the offer.

Located in Lagos, the refinery is one of Africa’s largest private industrial investments. The company says it is pursuing plans to expand refining and petrochemical operations, strengthen distribution and support energy security across the continent by reducing reliance on imported refined petroleum products.