Dangote Petroleum Refinery and Petrochemicals has said its ongoing initial public offering (IPO) has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide.

The company said the level of participation demonstrated international interest in owning shares in the refinery ahead of the offer’s scheduled closing date of 27 October 2026.

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In a statement on Sunday, Dangote Group Chief Financial Officer Murat Erden described the offering as an opportunity for African and international investors to participate in the ownership of a major industrial asset on the continent.

“This offering represents far more than a capital-raising exercise.

It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets,” Erden said.

He added that participation from individuals and institutions across Africa reflected interest in enabling Africans to benefit from industrial development through direct ownership and wealth creation.

According to the company, the IPO set a Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days.

Dangote Refinery attributed the reported performance to demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.

The company also reported a significant improvement in its financial results for the nine months ended 30 September 2026.

According to the figures disclosed, the refinery recorded revenue of $22.5bn and a net profit of $4.7bn, compared with a net loss of $117.2m in the corresponding period of 2025.

Revenue increased by 144 per cent from $9.2bn a year earlier, while earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to $5.5bn from $627.6m.

Operating cash flow also increased more than tenfold to $3.68bn, according to the company.

The refinery further said it had moved from a net debt position of $1.73bn in September 2025 to a net cash position of $651m in September 2026.

Erden said the financial performance had exceeded the baseline assumptions used in determining the IPO valuation.

“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation,” he said.

Adding that the refinery’s operational scale and efficiency supported the company’s confidence in its long-term growth prospects.

The company said collaborations involving Botswana, Egypt, Ethiopia and Kenya had helped broaden access to the offering and reduce barriers to participation for investors across Africa.

It added that the IPO provided an opportunity to become a shareholder in one of the continent’s largest industrial enterprises.

The company also highlighted the potential for dollar-linked dividends, subject to its dividend policy and applicable regulatory approvals.

Such dividends are not guaranteed and would depend on the relevant conditions being met.

With the offer due to close on 27 October, Dangote Refinery said it had intensified investor education and engagement activities in key markets to widen participation.