Dangote Petroleum Refinery and Petrochemicals has reported rising investor interest in its Initial Public Offering (IPO), with the offer scheduled to close on Tuesday, October 27, 2026.
The company said subscriptions rose in the final days, attracting retail and institutional investors, pension funds, asset managers, business owners, and members of the African diaspora.
Management reiterated that it would not extend the offer, urging prospective investors to complete their applications through stockbrokers and approved distribution channels before the deadline.
The growing interest follows the refinery’s nine-month financial results, which showed revenue of $22.5 billion and net profit of $4.73 billion for the period ended September 30, 2026.
Revenue increased by 144 per cent year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $5.5 billion, marking a significant recovery from the loss recorded during the corresponding period in 2025.
The company attributed the performance to higher refining throughput, improved operational reliability and stronger refining margins. It also said its financial position had improved from net debt to net cash.
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According to management, the refinery’s financial performance and strategic role in Africa’s energy security and industrial development have strengthened investor confidence.
The company noted that subscriptions had come from Nigeria, other African countries and international markets, describing the IPO as an opportunity for investors to acquire stakes in one of Africa’s largest industrial enterprises.
It added that the refinery could contribute to industrial growth, foreign exchange generation, regional trade and broader economic development beyond petroleum production.
Dangote Refinery also said the offer was designed to expand ownership by allowing individual investors to participate alongside institutional investors.
With the deadline approaching, management urged interested investors to complete their subscriptions promptly, reaffirming that the offer would close on October 27 as scheduled.
The company said the strong response reflected growing confidence in African-owned industrial businesses and the capacity of African capital markets to finance large-scale industrial projects.
