Dangote Refinery IPO Attracts Investors From 120 Countries, All 54 African Nations

Dangote Petroleum Refinery and Petrochemicals has achieved 100 per cent African participation in its Initial Public Offering (IPO), with investor applications received from all 54 African countries and from 120 countries across all six inhabited continents.

The offering, dubbed The People’s IPO, is being described as the first transaction of its scale to achieve full continental coverage, demonstrating the potential for a more connected African investment ecosystem.

The IPO opened on September 14, 2026, offering 4.1 billion ordinary shares at N525 per share to raise approximately N2.15 trillion. It was initially billed to close on October 13 but was extended to October 27, 2026 after approval by the Securities and Exchange Commission to allow more investors across Africa and beyond to participate.

President and chief executive of Dangote Industries Limited, Aliko Dangote, said the outcome was an affirmation that Africa can finance and own its industrial future.

“To have investor applications from all 54 African countries is deeply significant to me. It tells us that our people do not simply want to consume what Africa produces; they want to invest in it, own it and share in its future. This is the Africa we have always believed in,” he said.

“We did not undertake this IPO simply because we needed to raise capital. We wanted to open the doors of ownership, give ordinary Africans an opportunity to participate in an enterprise of global significance and establish a new culture of shared prosperity.”

Managing director and CEO of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the breadth of participation reflects global confidence in the refinery.

“What makes this transaction particularly meaningful is the breadth of participation.

The opportunity to own a stake in a major African industrial enterprise has reached investors across every African country and all six inhabited continents. That is a powerful endorsement of the refinery’s potential,” Bird said.

Group chief financial officer, Murat Erden, said the feat was made possible by collaboration across Africa’s financial ecosystem, bringing together banks, stockbrokers, fintech platforms and digital distribution channels.

“Reaching investors in 120 countries, including all 54 African nations, is an extraordinary achievement and a powerful testament to the growing investment appetite across our continent,” Erden noted.

He added that the transaction, supported by $22.5 billion in revenue and $5.52 billion in EBITDA in the first nine months of 2026, sets a new benchmark for African capital markets and provides a blueprint for inclusive, cross-border capital mobilisation.