Dangote refinery IPO closes with investors from 120 countries, firm says

Dangote Petroleum Refinery and Petrochemicals says its initial public offering (IPO) closed on Tuesday with investor applications from 120 countries, including every one of Africa's 54 countries.

The company called the outcome a milestone for African capital markets, saying the offer drew investors from all six inhabited continents.

The offer opened on 14 September, selling 4.1 billion ordinary shares at ₦525 each to raise about ₦2.15 trillion. It was originally due to close on 13 October but the Securities and Exchange Commission (SEC) approved a two-week extension to 27 October so more investors could complete account opening and identity checks.

What the numbers say

Bloomberg reported that the offer had enough commitments from Nigerian and retail investors to meet its fundraising target, citing people familiar with the matter. Those sources put fully funded commitments from domestic and retail investors at between $1.5 billion and $1.6 billion.

There is a small discrepancy in the figures: Bloomberg, citing its sources, said investors from 119 countries applied, while the company's own statement on Tuesday put the number at 120.

The company said the offer was supported by commercial banks, stockbroking firms, fintech platforms and other distribution partners, which gave investors several channels to apply. It also set up arrangements in Kenya, Uganda, Botswana, Ethiopia and Egypt to let investors outside Nigeria take part.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said the spread of applications across Africa mattered to him. "To have investor applications from all 54 African countries is deeply significant to me," he said in the statement.

He said the offer was not only about raising money but about widening ownership. "We wanted to open the doors of ownership, give ordinary Africans an opportunity to participate in an enterprise of global significance," he said.

David Bird, Managing Director and Chief Executive Officer of the refinery, said the international response showed confidence in the plant's scale and long-term prospects.

Group Chief Financial Officer Murat Erden said the refinery recorded $22.5 billion in revenue and $5.52 billion in EBITDA (earnings before interest, taxes, depreciation and amortisation) in the first nine months of 2026.

What happens next

The company plans to use the proceeds to expand the Lagos refinery, aiming to raise processing capacity to 1.4 million barrels per day by the first quarter of 2029.

Bloomberg reported that a 30% over-allotment option could lift the total raised to about $2.1 billion. It also said Dangote could consider selling part of his own stake to investors who miss out on allocations, depending on the final order book.

For ordinary Nigerians, the offer's low entry point — a minimum of 10 shares at ₦5,250 — was pitched at first-time retail investors. How the shares perform once trading begins will decide whether that wider ownership dream pays off.