*As Renaissance Capital lifts valuation by 33.4%
Dangote Petroleum Refinery & Petrochemicals has announced that its ongoing Initial Public Offering (IPO) has attracted exceptional participation from investors across Africa and around the world, with subscriptions received from more than 90 countries, including investors from 51 of Africa’s 54 nations.
The unprecedented level of participation positions the transaction as Africa’s first truly pan-African public offering, reflecting strong investor confidence in African-led industrialization and a growing desire among Africans to own strategic assets built on the continent.
The company noted that the IPO has already set new benchmarks in the capital markets, breaking the Nigerian market record on its opening day and surpassing the previous African record within its first ten days, driven by robust demand from retail investors, pension funds, institutional investors, asset managers, and members of the investing public.
Commenting on the milestone, Chief Financial Officer of Dangote Group, Murat Erden, said: “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. The extraordinary participation from individuals and institutions across Africa demonstrates a shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it.”
The remarkable investor interest comes against the backdrop of the refinery’s strong operational and financial performance. For the nine months ended September 30, 2026, Dangote Petroleum Refinery reported revenue of US$22.5 billion and net profit of US$4.7 billion, representing one of the strongest financial performances recorded by an African industrial enterprise in recent years.
The results marked a significant turnaround from the corresponding period in 2025, when the company recorded a loss of US$117.2 million. Revenue grew by 144 percent from US$9.2 billion, while EBITDA increased nearly nine-fold to US$5.5 billion from US$627.6 million. Operating cash flow rose more than ten-fold to US$3.68 billion, underscoring the refinery’s growing ability to generate substantial earnings and cash flow from its operations.
The company also strengthened its balance sheet considerably, moving from a net debt position of US$1.73 billion as of September 2025 to a net cash position of US$651 million by September 2026, reflecting improved liquidity and financial resilience.
According to Erden, the refinery’s current performance significantly exceeds the assumptions underpinning the IPO valuation.
“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation. The refinery’s operational momentum, scale and efficiency continue to create substantial shareholder value and reinforce our confidence in its long-term growth prospects.”
In a major boost to African capital-market integration, the transaction has also benefited from pioneering cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, helping to broaden access and reduce barriers to participation for investors across the continent.
Dangote Petroleum Refinery described the IPO as a powerful demonstration of the increasing sophistication, depth and interconnectedness of African financial markets, providing a blueprint for future continent-wide investment offerings.
The company reiterated that the IPO provides a unique opportunity for investors to become shareholders in one of Africa’s largest and fastest-growing industrial enterprises, with the potential for USD-linked dividends, subject to the company’s dividend policy and applicable regulatory approvals.
With the offer scheduled to close on 27 October 2026, the company has intensified investor education and engagement activities across key markets to ensure broader inclusion and participation. The refinery emphasized that no further extension of the offer period is currently planned.
Speaking on the significance of the transaction, Erden added: “We are witnessing the emergence of a new chapter in African industrial ownership and capital-market development. The overwhelming response from investors across 51 African countries and more than 90 countries globally is a resounding vote of confidence in Africa’s future and in the ability of world-class African enterprises to deliver sustainable value for shareholders.”
Dangote Petroleum Refinery expressed appreciation to regulators, stockbrokers, issuing houses, financial institutions, fintech partners, community leaders, investor associations and the investing public for their support and participation throughout the offer period.
VALUATION UP BY 33.4%
Leading investment research firm Renaissance Capital Africa (RCA) has upgraded its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, implying a 33.4 per cent upside from the refinery’s IPO offer price of N525 per share.
According to RCA, the valuation increase reflects the refinery’s exceptional earnings performance in the first nine months of 2026, driven by stronger refining margins and better-than-anticipated operational results. Revenue, EBITDA and net profit all exceeded the firm’s expectations during the period.
In its October 16, 2026, update, titled “Stronger Refining Margins Drive Earnings Outperformance,” the investment firm cited robust refining margins and stronger operating results as key drivers of the enhanced valuation.
The remarkable investor interest comes against the backdrop of the refinery’s strong operational and financial performance. For the nine months ended September 30, 2026, Dangote Petroleum Refinery reported revenue of US$22.5 billion and net profit of US$4.7 billion, representing one of the strongest financial performances recorded by an African industrial enterprise in recent years.
The results marked a significant turnaround from the corresponding period in 2025, when the company recorded a loss of US$117.2 million. Revenue grew by 144 percent from US$9.2 billion, while EBITDA increased nearly nine-fold to US$5.5 billion from US$627.6 million. Operating cash flow rose more than ten-fold to US$3.68 billion, underscoring the refinery’s growing ability to generate substantial earnings and cash flow from its operations.The company also strengthened its balance sheet considerably, moving from a net debt position of US$1.73 billion as of September 2025 to a net cash position of US$651 million by September 2026, reflecting improved liquidity and financial resilience.
