Dangote Petroleum Refinery and Petrochemicals has recorded a surge in investor interest as its Initial Public Offering (IPO) approaches its closing date of Tuesday, October 27, 2026.
The company said retail and institutional investors have continued to increase their participation in the share offer, driven by its strong financial performance and the refinery’s growing importance to Africa’s energy and industrial sectors.
In a statement released on Sunday, the company confirmed that the offer would close as scheduled, stressing that there would be no further extension.
It urged prospective investors who were yet to complete their subscriptions to do so before the deadline.
The growing demand follows the release of the refinery’s financial results for the nine months ended September 30, 2026, which showed significant improvements in revenue, profitability and cash generation.
According to the company, revenue rose to $22.5 billion, while net profit reached $4.73 billion during the period, representing a major recovery from the loss recorded in the corresponding period of 2025.
Revenue increased by 144 per cent year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.5 billion.
The refinery attributed the performance to increased refining output, improved operational reliability and stronger refining margins.
The company also disclosed that it had strengthened its financial position, moving from a net debt position to a net cash position during the period under review.
Dangote Refinery said the strong results and its strategic role in Africa’s energy security and industrial development had attracted interest from individual investors, pension funds, asset managers, business owners, professionals and members of the African diaspora.
The company said the growing interest reflected increasing confidence in its operations, earnings potential and long-term prospects.
According to the statement, the public offer has developed beyond a conventional capital-raising exercise, providing Nigerians, other Africans and international investors with an opportunity to own shares in one of the continent’s largest industrial enterprises.
The company disclosed that subscriptions had come from investors across Nigeria, other African countries and international markets, highlighting the growing appeal of the refinery as an industrial investment opportunity.
It noted that the refinery was more than an energy facility, describing it as a platform for industrial expansion, foreign exchange generation, regional trade, energy security and economic development across Africa.
Dangote Refinery also reaffirmed its commitment to broad-based ownership, stating that the IPO was structured to allow ordinary investors to participate alongside institutional investors in the company’s future growth.
The company advised interested investors to complete their applications through stockbrokers and other approved distribution channels before the offer closes on October 27.
It described the deadline as the final opportunity to participate in the share offer and encouraged prospective subscribers to act promptly.
The refinery also expressed appreciation to regulators, issuing houses, stockbrokers, financial institutions, fintech partners, investor associations, market operators and members of the investing public for supporting the offer.
It added that the strong response demonstrated growing confidence in African-owned businesses and the ability of the continent’s capital markets to finance large-scale industrial projects.
The company expressed optimism that opening its ownership to the public would strengthen participation in African industrial development while creating long-term value for shareholders.
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