Dangote Petroleum Refinery has attracted investors from 51 of Africa’s 54 countries and more than 90 countries worldwide, making its Initial Public Offering (IPO) the continent’s first pan-African public offering.
The offer has set new capital market records, breaking Nigeria’s market record on its opening day and surpassing the previous African record within ten days. Strong demand has come from individual investors, pension funds and major institutions.
Investor confidence has also grown following improved financial results and a higher valuation from Renaissance Capital Africa (RCA). On 16 October 2026, RCA raised its valuation of Dangote Refinery to ₦700.41 per share, representing a potential 33.4 per cent increase from the IPO price of ₦525.
In its report, titled Stronger Refining Margins Drive Earnings Outperformance, RCA attributed the upgrade to stronger refining margins and better-than-expected operational results during the first nine months of 2026.
For the nine months ending 30 September 2026, the refinery recorded $22.5 billion in revenue and $4.7 billion in net profit, reversing a $117.2 million loss during the same period in 2025.
Revenue increased by 144 per cent from $9.2 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose almost nine-fold to $5.5 billion from $627.6 million. Operating cash flow also climbed more than ten-fold to $3.68 billion.
The company further moved from net debt of $1.73 billion in September 2025 to a net cash position of $651 million a year later.
Dangote Group Chief Financial Officer Murat Erden said the results had already exceeded the assumptions used to determine the IPO valuation.
“This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans to participate in the ownership of one of the continent’s most transformative industrial assets,” Erden said.
He added that participation from 51 African countries reflected a shared belief that Africans should own major industrial assets and benefit from the wealth they create.
The offer has also received support through cross-border partnerships involving Botswana, Egypt, Ethiopia and Kenya, which the company sees as a model for future pan-African offerings.
The IPO offers potential USD-linked dividends and will close on 27 October 2026.
