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By Our Correspondent 

LAGOS – Dangote Petroleum Refinery and Petrochemicals has concluded its Initial Public Offering (IPO), drawing investor applications from 120 countries across all six inhabited continents, including every one of Africa’s 54 countries.

Dubbed “The People’s IPO,” the offering was supported by a network of commercial banks, stockbroking firms, fintech platforms, capital market institutions and other distribution partners. The company says this network expanded retail access to the offer across national boundaries.

Offer Details

The IPO opened on September 14, 2026, offering 4.1 billion ordinary shares at N525 per share, a proposed raise of about N2.15 trillion. It was initially due to close on October 13 but was extended to October 27 after approval by the Securities and Exchange Commission, giving investors in Africa and abroad more time to take part.

“Africans Are Ready to Own”

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, called the outcome an affirmation of African confidence and enterprise.

“When we set out to build this refinery, many doubted that a project of this scale could be delivered by Africans. We proved that Africa could build it,” he said. “Today, through this historic IPO, we have demonstrated something equally important: Africans are ready to own and participate in the prosperity created by their own industries.”

He said the IPO was not driven solely by the need 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,” he said.

Dangote added that the company would continue to strengthen operational performance and deepen its contribution to Africa’s energy security as it advances its expansion programme and Vision 2030 strategy.

International Confidence

David Bird, Managing Director and CEO of Dangote Petroleum Refinery and Petrochemicals, said the international response reflected confidence in the refinery’s operating capabilities, industrial scale and long-term growth prospects.

“Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business,” he said, adding that the company’s focus remains on “operational excellence, sustainable growth and long-term shareholder value.”

A Blueprint for African Capital Markets

Murat Erden, Group Chief Financial Officer of Dangote Industries Limited, said the transaction set a precedent for the continent’s capital markets, showing that they can transcend national boundaries and connect millions of people to investment opportunities.

He also pointed to the refinery’s financial performance, citing US$22.5 billion in revenue and US$5.52 billion in EBITDA in the first nine months of 2026.

African capital markets have historically been fragmented by national borders, differing regulatory regimes and limited retail participation. The company says the IPO’s reach shows the potential for a more connected investment ecosystem, and highlights the growing role of digital financial infrastructure in widening access.

Expansion Plans

The conclusion of the offer comes as the Lagos-based refinery, one of the continent’s largest private industrial investments, pursues an expansion of its refining and petrochemical operations, strengthens its distribution network and works to support energy security across Africa and reduce dependence on imported refined petroleum products.