From Allafrica · · 1m 20s
Nigeria: 51 African Nations Join Dangote Refinery IPO
Dangote Refinery's IPO sees 51 African nations participate in record-breaking offering.
In brief
Dangote Refinery's IPO sees 51 African nations participate in record-breaking offering. Dangote Petroleum Refinery's IPO attracted investors from 51 of Africa's 54 nations, becoming Africa's largest public offering with $22.5 billion revenue and $4.7 billion net profit in nine months. Originally reported by Allafrica.
Dangote Refinery IPO
Dangote Petroleum Refinery's initial public offer attracted investors from 51 of Africa's 54 nations.
Record Participation
Subscriptions received from more than 90 countries including 51 African nations.
Africa's First Pan-African IPO
The transaction is Africa's first truly pan-African public offering.
Largest Nigerian IPO
The IPO became the largest public offering in Nigerian capital markets on opening day.
Record-Breaking Performance
The refinery reported $22.5 billion revenue and $4.7 billion net profit in nine months.
Financial Turnaround
The refinery turned from a $117.2 million loss in 2025 to $4.7 billion net profit in 2026.
Strong Operational Performance
Revenue increased 144 percent from $9.2 billion to $22.5 billion in nine months.
Improved Financial Position
The company moved from $1.73 billion net debt to $651 million net cash in nine months.
Renaissance Capital Valuation
Renaissance Capital Africa raised Dangote's valuation to N700.41 per share.
In short
Dangote Petroleum Refinery's IPO attracted investors from 51 of Africa's 54 nations, becoming Africa's largest public offering with $22.5 billion revenue and $4.7 billion net profit in nine months.
