Dangote refinery IPO closes Tuesday as investors rush for shares
- Dangote Refinery says its share offer closes on Tuesday, 27 October, with no extension.
- The company reported $22.5 billion revenue and $4.73 billion net profit for nine months to September 2026.
- Retail investors, pension funds and diaspora buyers are said to be subscribing before the deadline.
Investors are hurrying to buy shares in Dangote Petroleum Refinery and Petrochemicals before its public offer closes on Tuesday, 27 October. The company said in a statement that the deadline is final and will not be extended.
Anyone who wants in must complete their application through a stockbroker or an approved distribution channel before the offer shuts, the company said.
The rush follows the refinery's nine-month results to 30 September 2026. According to the company, revenue hit $22.5 billion and net profit reached $4.73 billion, a turnaround from a loss in the same period of 2025.
Revenue rose 144 per cent year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) came to $5.5 billion. The company said the figures reflect higher refining volumes, better plant reliability and stronger refining margins. It also moved from net debt to a net cash position over the period.
Who is buying
The company said subscriptions have come from across Nigeria, other African countries and international markets. It listed ordinary investors, professionals, business owners, institutional investors, asset managers, pension funds and members of the African diaspora among those taking part.
Management said the response shows confidence in the business and in what it called the long-term value the refinery can create. The company described the offer as structured so that small investors can buy alongside big institutions.
"This is the final opportunity for investors to participate in this historic offer," the company said.
The refinery also thanked regulators, issuing houses, stockbrokers, banks, fintech partners, investor associations and market operators for their support during the offer.
Why it matters to ordinary Nigerians
The refinery is one of the country's biggest private industrial projects, and its owners have long pitched it as a way to cut Nigeria's reliance on imported fuel. A successful listing would put a slice of that business in the hands of everyday savers, not just large funds.
The company has not disclosed the offer price, the number of shares on sale or how much it hopes to raise in the statements reviewed. Investors weighing a late application should check those details and the risks in the offer document through their stockbroker before the Tuesday deadline.