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The public offer by Dangote Petroleum Refinery and Petrochemicals is gaining traction across Africa, with investors from 51 African countries participating in the exercise, as interest in the Nigerian-owned energy business spreads across international markets.
The share sale has reportedly attracted subscriptions from more than 90 countries worldwide, reflecting growing interest in opportunities within Africa’s industrial sector. The offer is scheduled to close on October 27, 2026, giving prospective investors until the deadline to participate.
The development is being viewed as an opportunity to broaden African participation in large-scale industrial investments. Dangote Group’s Chief Financial Officer, Murat Erden, said the response showed that investors across the continent were increasingly interested in owning stakes in major African businesses rather than remaining on the sidelines.
The company also reported strong demand during the early stages of the offer, with subscriptions setting a record in Nigeria’s capital market on the first day and surpassing an earlier African benchmark within 10 days of opening.
The investor enthusiasm comes amid a sharp turnaround in the refinery’s financial performance. The company recorded $22.5bn in revenue and $4.7bn in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2m in the same period of the previous year.
Its earnings before interest, taxes, depreciation and amortisation reached $5.5bn, while its financial position improved from a net debt of $1.73bn in September 2025 to a net cash balance of about $651m in September 2026.
The company is also pursuing wider access to investors through cross-border market arrangements involving Botswana, Egypt, Ethiopia and Kenya. As the offer approaches its closing date, the refinery’s management is continuing efforts to inform potential shareholders about the investment opportunity and the company’s financial outlook.
