Dangote Petroleum Refinery and Petrochemicals has attracted investor applications from all 54 African countries and 66 other countries across the world, closing its N2.15 trillion initial public offering with participation spanning six inhabited continents.
The geographical reach of the offer, which closed on Tuesday, October 27, marks an attempt to broaden African participation in the ownership of a major industrial enterprise beyond the boundaries of individual national stock markets.
BusinessDay reported that the offer, tagged “The People’s IPO”, placed 4.1 billion ordinary shares on the market at N525 per share, targeting proceeds of approximately N2.15 trillion.
The refinery said the international spread of applications reflected the reach of the distribution network assembled for the offer, which involved commercial banks, stockbrokers, fintech platforms and other capital market institutions.
The development is significant in a region where differences in currencies, market regulations and trading systems have historically made it difficult for investors to participate easily in major offerings across national borders.
Aliko Dangote, president and chief executive of Dangote Industries Limited, said the public offer was designed not only to raise capital but also to give ordinary Africans an opportunity to own a stake in a major industrial venture.
According to him, the refinery’s development demonstrated Africa’s capacity to execute large-scale industrial projects, while the IPO offered another avenue for Africans to participate in the wealth such enterprises generate.
David Bird, managing director and chief executive of Dangote Petroleum Refinery and Petrochemicals, said applications from 120 countries demonstrated international interest in the business and investor confidence in its prospects.
He said the company’s immediate priority was to convert its industrial capacity into operational efficiency, sustainable expansion and long-term value for shareholders.
The offer, which opened on September 14 and was initially scheduled to close on October 13, received approval from the Securities and Exchange Commission for an extension to October 27, allowing additional time for prospective investors to participate.
Murat Erden, group chief financial officer of Dangote Industries, disclosed that the refinery recorded revenue of $22.5 billion and earnings before interest, taxes, depreciation and amortisation of $5.52 billion in the first nine months of 2026.
The financial figures provide an indication of the scale of the business behind the public offer, although the final level of subscriptions and the number of successful applicants were not specified in the report.
The company described the IPO as an effort to establish broader public ownership of an enterprise of global significance, while positioning the refinery for its next phase of growth.
