The ₦2.15 trillion share offer has attracted global interest, with the company positioning the landmark sale as an opportunity to widen public ownership of one of Africa’s biggest industrial investments…..
Dangote Petroleum Refinery and Petrochemicals says its maiden public share offer has drawn applications from investors in 120 countries, marking a significant moment for the company’s efforts to broaden ownership of its refining business.
The offer, which closed on Tuesday, October 27, attracted interest from every one of Africa’s 54 countries, alongside investors from other regions of the world, according to the company.
The refinery described the response as a major development for African capital markets, highlighting the potential for businesses on the continent to attract international investment while giving more people an opportunity to own stakes in large-scale industrial ventures.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the participation of investors across Africa reflected growing interest in financing businesses developed on the continent.
He said the response went beyond the refinery’s immediate fundraising objectives, arguing that broader ownership could allow Africans to benefit directly from the growth of major homegrown enterprises.
For Dangote, the participation of all 54 African countries represents an important step towards encouraging a culture in which Africans invest in, rather than simply consume, products and services generated by the continent’s industries.
He added that the public offer was designed to create opportunities for ordinary investors to participate in a business with significant industrial and economic implications for Africa.
The company said it would continue to pursue its expansion plans under its Vision 2030 strategy, with operational efficiency, sustainable growth and energy security remaining central to its long-term objectives.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the international response reflected investor confidence in the refinery’s scale, operational capabilities and future prospects.
Bird said the company’s immediate priority was to translate its industrial capacity into stronger operational performance and sustainable returns for shareholders.
The share sale opened on September 14, offering 4.1 billion ordinary shares at ₦525 each. At the offer price, the transaction represents a potential capital raise of approximately ₦2.15 trillion.
The offer was initially scheduled to close on October 13 but was extended by two weeks following approval from the Securities and Exchange Commission, allowing prospective investors additional time to submit their applications.
To facilitate participation, the company worked with commercial banks, stockbroking firms, financial technology platforms and other capital market operators to provide different channels through which eligible investors could apply.
Dangote Industries Limited Group Chief Financial Officer, Murat Erden, said the transaction highlighted the role African financial institutions and digital platforms could play in connecting investors across borders and expanding access to investment opportunities.
According to Erden, the offer could help demonstrate how African capital markets can mobilise domestic savings, encourage wider retail participation and channel investment into strategic industrial assets.
He also pointed to the refinery’s reported financial performance, stating that it generated $22.5 billion in revenue and $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) during the first nine months of 2026.
The figures underscore the scale of the business as it pursues further expansion across refining, petrochemicals and distribution.
Located in Lagos, the Dangote Refinery was established to increase Africa’s domestic petroleum processing capacity and reduce dependence on imported refined products. Its expansion plans are also expected to play a role in shaping regional fuel supply and the continent’s wider energy landscape.
With applications reported from 120 countries, the company says the completed offer has extended its investor reach beyond Nigeria and highlighted the appetite for participation in one of Africa’s most prominent privately funded industrial projects.
