Dangote Petroleum Refinery’s initial public offering has drawn subscriptions from more than 90 countries, including 51 African nations, with the share sale scheduled to end on October 27.
The company disclosed the figures in a statement on Sunday, as it continued efforts to attract investors before the offer closes. It said participation had extended across retail and institutional segments of the market.
The refinery also reported a sharp improvement in its financial results for the first nine months of 2026, posting a net profit of $4.7bn, compared with a loss of $117.2m recorded in the corresponding period last year.
Revenue climbed to $22.5bn from $9.2bn, representing a 144 per cent increase, while earnings before interest, taxes, depreciation and amortisation rose to $5.5bn from $627.6m, according to the company.
Its operating cash flow increased to $3.68bn, while its financial position shifted from net debt of $1.73bn at the end of September 2025 to net cash of $651m a year later.
Commenting on the IPO, Dangote Group’s Chief Financial Officer, Murat Erden, said the participation of investors across African markets reflected interest in expanding local ownership of major industrial assets.
The company said the offer set a new record in the Nigerian capital market on its first day and exceeded the previous African record within 10 days of opening. It attributed the response to demand from individual investors, pension funds, asset managers and other institutions.
To expand participation across the continent, the refinery said it had worked with market partners in Botswana, Egypt, Ethiopia and Kenya to improve access to the offer.
Investors could also receive dollar-linked dividends, the company said, subject to its dividend policy and relevant regulatory approvals.
The refinery said it was stepping up investor education and engagement ahead of the October 27 deadline. It added that it had no current plans to extend the offer.