Investors Rush for Dangote Refinery Shares as Offer Closes on 27 October

Peter Uzoho

Dangote Petroleum Refinery and Petrochemicals has reported a sharp increase in investor subscriptions as its landmark Initial Public Offering (IPO) enters its final days, with retail and institutional investors accelerating participation ahead of the closing date of October 27.

The company confirmed, in a statement yesterday, that the IPO will close on Tuesday, October 27, as scheduled.

The company said, “This is the final deadline, and no further extension will be granted. Investors wishing to participate must complete their subscriptions before the offer closes.”

The surge in demand follows the refinery’s recently released nine-month financial results, which showed exceptional growth in revenue, profitability, and cash generation, reinforcing investor confidence in the company’s long-term prospects.

Dangote Refinery reported revenue of $22.5 billion and net profit of $4.73 billion for the nine months ended September 30, 2026, representing a significant turnaround from a loss recorded in the corresponding period of 2025.

Revenue increased by 144 per cent year-on-year, while Earnings, Interest, Taxes, Depreciation and Amortisation (EBITDA) rose to $5.5 billion, reflecting higher refining throughput, improved operational reliability and stronger refining margins.

The company also strengthened its balance sheet, moving from a net debt position to a net cash position during the period.

It said the strong financial performance, combined with the refinery’s strategic importance to Africa’s energy security and industrial development, has continued to attract broad-based interest from individual investors, pension funds, institutional investors, asset managers, professionals, business owners and members of the African diaspora.

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

“Investors are recognising both the quality of our earnings and the long-term value creation opportunity represented by the refinery.”

According to the refinery, the IPO has become more than a capital-raising exercise, evolving into an opportunity for Africans and international investors to participate directly in the ownership of one of the continent’s most significant industrial enterprises.

It stated that subscriptions had been received from across Nigeria, other African countries and international markets, underscoring the refinery’s growing reputation as a world-class industrial asset.

The company stated, “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.

“The strong response to the offer reflects confidence in the future of African industry and in our ability to continue generating sustainable returns for shareholders.”

The company also reiterated its commitment to broad-based ownership, emphasising that the IPO has been structured to ensure that ordinary investors can participate alongside institutional investors in the refinery’s future growth.

It advised prospective investors who had not yet completed their subscriptions to do so immediately through their stockbrokers and approved distribution channels before the deadline.

It stated, “This is the final opportunity for investors to participate in this historic offer.

“We encourage all interested investors to complete their applications before the subscription window closes on 27 October.”

Dangote refinery expressed appreciation to regulators, issuing houses, stockbrokers, financial institutions, fintech partners, investor associations, market operators, and the investing public for their support throughout the offer period.

The company added that the strong demand recorded so far demonstrated growing investor confidence in African-owned industrial enterprises and highlighted the increasing capacity of African capital markets to support large-scale transformational investments.

The statement said, “History is being made. The remarkable investor response is a powerful vote of confidence in Africa’s future, in African enterprise, and in the long-term value that world-class industrial projects can create when opened to public ownership. We remain committed to delivering sustained growth and enduring value for all shareholders.”