Dangote Refinery Declares Final Call As $22.5bn Revenue Sparks IPO Rush

Dangote Petroleum Refinery & Petrochemicals has issued a final call to investors as its Initial Public Offering (IPO) enters its last 48 hours amid unprecedented demand driven by its record financial performance.

The company confirmed that the offer will close on Tuesday, 27 October 2026 as scheduled, with no extension.

The rush follows the release of its nine-month results ended September 30, 2026, which showed a dramatic turnaround. Revenue soared 144 per cent year-on-year to $22.5 billion, while the refinery posted a net profit of $4.73 billion compared to a loss in the same period of 2025. EBITDA hit $5.5 billion on higher throughput and stronger margins, and the balance sheet flipped from net debt to net cash.

Management said the numbers have triggered accelerated subscriptions from retail and institutional investors across Nigeria, Africa and the diaspora, including pension funds, asset managers, professionals and business owners.

“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.

Beyond the numbers, the company said the IPO has become a historic ownership moment, an opportunity for Africans at home and abroad to own a stake in one of the continent’s most strategic industrial assets.

“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa,” management said.

The offer was structured to ensure ordinary investors participate alongside institutions, broadening ownership of the world-class asset.

The company urged prospective investors to complete subscriptions through stockbrokers and approved channels before the deadline.

“This is the final opportunity to participate in this historic offer,” it said, thanking regulators, issuing houses, stockbrokers, fintech partners and investor associations for their support.