Dangote Refinery IPO: Investors Rush for Shares as Offer Closes Tuesday

Dangote Petroleum Refinery and Petrochemicals has reported rising investor interest in its Initial Public Offering (IPO) ahead of the scheduled closure of the offer on Tuesday, October 27, 2026.

The company said the offer would close as scheduled, urging prospective investors who are yet to complete their subscriptions to do so before the deadline.

The reported surge in demand comes after the refinery released its financial results for the nine months ended September 30, 2026, showing significant growth in revenue, profitability and cash generation.

According to the figures contained in the company’s announcement, the refinery recorded revenue of $22.5 billion and a net profit of $4.73 billion during the period, marking a turnaround from the loss reported in the corresponding period of 2025.

Revenue reportedly increased by 144 per cent year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.5 billion.

The company attributed the performance to increased refining throughput, improved operational reliability and stronger refining margins.

It also reported an improvement in its financial position, moving from net debt to a net cash position during the period.

Management said the financial performance and the refinery’s strategic role in Africa’s energy security and industrial development had attracted interest from individual investors, pension funds, institutional investors, asset managers, business owners and members of the African diaspora.

The company described the IPO as an opportunity for investors in Nigeria, other African countries and international markets to acquire stakes in one of the continent’s major industrial projects.

It added that the offer was designed to promote broader ownership by allowing retail investors to participate alongside institutional investors in the refinery’s future growth.

According to the company, the refinery represents more than an energy investment, citing its potential contributions to industrial development, foreign-exchange generation, regional trade and energy security.

Management also expressed appreciation to regulators, issuing houses, stockbrokers, financial institutions, fintech partners, investor associations and other market participants for their support throughout the offer period.

With the subscription window set to close on Tuesday, the company advised interested investors to complete their applications through their stockbrokers and other approved distribution channels before the deadline.

The reported investor response, it said, reflects growing interest in African-owned industrial enterprises and the capacity of African capital markets to finance large-scale investments.

The IPO is part of efforts to broaden public participation in the ownership of the refinery, whose performance and future prospects are expected to remain central to investor discussions as the offer reaches its closing date.