{"id":5383,"date":"2026-10-18T22:04:45","date_gmt":"2026-10-18T22:04:45","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=5383"},"modified":"2026-10-18T22:25:07","modified_gmt":"2026-10-18T22:25:07","slug":"dangote-refinery-51-african-countries-participate-in-ipo-management","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=5383","title":{"rendered":"Dangote Refinery: 51 African countries participate in IPO &#8211;Management"},"content":{"rendered":"<p>*<strong><em><b><i>The Management of Dangote Petroleum Refinery, in Lagos, say subscriptions from 51 African countries and over 90 economies worldwide signal unprecedented confidence in Africa\u2019s largest industrial investment opportunity<\/i><\/b><\/em><\/strong><\/p>\n<p>Alexander Davis | ConsumerConnect<\/p>\n<p>The Dangote Petroleum Refinery and Petrochemicals says its ongoing Initial Public Offering (IPO) has attracted overwhelming participation from investors across Africa and the global investment community.<\/p>\n<p>The Management of the oil-refining company said its ongoing IPO had come with subscriptions received from over 90 countries, including investors from 51 of 54 African countries.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"YGN0fKOSRZ\"><p><a href=\"https:\/\/consumerconnectng.com\/?p=5387\">Drug Trafficking: NDLEA intercepts Tramadol powder worth N6.98bn, Saudi-bound cannabis in Lagos<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cDrug Trafficking: NDLEA intercepts Tramadol powder worth N6.98bn, Saudi-bound cannabis in Lagos\u201d \u2014 Consumer Experience Is A Top Priority\" src=\"https:\/\/consumerconnectng.com\/?p=5387&amp;embed=true#?secret=NtVeJJEMLZ#?secret=YGN0fKOSRZ\" data-secret=\"YGN0fKOSRZ\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The facility also noted that scale and geographical spread of participation make the transaction Africa\u2019s first truly pan-African public offering, demonstrating growing confidence in African-led industrial development and an increasing appetite among Africans to take ownership of strategic assets built on the continent.<\/p>\n<p>The company further disclosed that the offer has already rewritten the record books, becoming the largest public offering ever launched in the Nigerian Capital market on its opening day and surpassing the previous African record within its first ten days.<\/p>\n<p>The achievement, Dangote Refinery stated, has been driven by strong demand from retail investors, pension funds, institutional investors, asset managers, FinTech platforms, and members of the investing public.<\/p>\n<p>A source close to the Management of Dangote Petroleum Refinery as well described the milestone as a defining moment for Africa\u2019s capital markets and economic future.<\/p>\n<p>The source reportedly said: \u201cThis offering is far more than a capital-raising exercise.<\/p>\n<p>&#8220;It represents a historic opportunity for Africans and global investors to participate directly in the ownership of one of the continent\u2019s most transformative industrial assets.<\/p>\n<p>&#8220;The impressive participation from investors across Africa reflects a shared belief that Africans should not merely consume the benefits of industrialisation but also own the assets that drive it and share in the wealth they create.\u201d<\/p>\n<p>The statement noted the remarkable investor response comes amid the refinery\u2019s strong operational and financial performance.<\/p>\n<p>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, placing it among the strongest-performing industrial enterprises on the African continent.<\/p>\n<p>The results represent a significant turnaround from the corresponding period in 2025, when the refinery reported a loss of US$117.2 million.<\/p>\n<p>Revenue increased by 144 percent from US$9.2 billion, while EBITDA rose almost nine-fold to US$5.5 billion from US$627.6 million.<\/p>\n<p>Operating cash flow climbed more than ten-fold to US$3.68 billion, underscoring the refinery\u2019s growing operational efficiency and earnings capacity.<\/p>\n<p>The company also strengthened its financial position 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 as of September 2026.<\/p>\n<p>According to the source, the refinery\u2019s current performance has substantially outpaced the assumptions used in arriving at the IPO valuation.<\/p>\n<p>\u201cThe refinery\u2019s financial and operational performance has progressed significantly beyond the baseline assumptions underpinning the IPO.<\/p>\n<p>&#8220;The combination of scale, efficiency, market reach and operational momentum continues to create substantial value for shareholders and reinforces confidence in the company\u2019s long-term growth trajectory.\u201d<\/p>\n<p>The transaction has also accelerated the integration of African capital markets through pioneering cross-border collaborations involving Botswana, Egypt, Ethiopia and Kenya, helping to simplify participation and broaden investor access across the continent.<\/p>\n<p>Management views the IPO as a powerful demonstration of the growing sophistication, depth and interconnectedness of African Capital markets, while also providing a template for future continent-wide investment offerings.<\/p>\n<p>The refinery reiterated that the IPO offers investors a unique opportunity to participate in the ownership of one of Africa\u2019s largest and fastest-growing industrial enterprises, with the potential for USD-linked dividends, subject to the company\u2019s dividend policy and applicable regulatory approvals.<\/p>\n<p>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.<\/p>\n<p>It also emphasised that no further extension of the offer period is currently envisaged.<\/p>\n<p>Speaking further on the significance of the transaction, the source close to management stated:<\/p>\n<p>\u201cWe are witnessing the emergence of a new era in African industrial ownership and capital-market development.<\/p>\n<p>&#8220;The extraordinary response from investors across 51 African countries and more than 90 nations around the world is a powerful vote of confidence in Africa\u2019s future and in the ability of world-class African enterprises to generate sustainable long-term value for shareholders.\u201d<\/p>\n<p>Dangote Petroleum Refinery expressed appreciation to regulators, issuing houses, stockbrokers, financial institutions, FinTech partners, investor associations, community leaders and the investing public for their support and participation throughout the offer period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*The Management of Dangote Petroleum Refinery, in Lagos, say subscriptions from 51 African countries and over 90 economies worldwide signal unprecedented confidence in Africa\u2019s largest&hellip;<\/p>\n","protected":false},"author":2,"featured_media":5381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_FSMCFIC_featured_image_caption":"L-R: Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group); Dr. George Elombi, President and Chairman, African Export-Import Bank (Afreximbank); Alhaji Aliko Dangote, GCON, President and Chief Executive of Dangote Industries Limited (DIL); Omar Radwan, Executive Chairman, Egyptian Exchange (EGX); Temi Popoola, Group Managing Director\/CEO, NGX Group; and Chuka Eseka, GMD\/CEO, Vetiva Capital Management \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Photo: 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