Dangote Petroleum Refinery said on Sunday that its initial public offering, which closes on October 27 with no extension currently planned, has received subscriptions from investors in more than 90 countries, including 51 of Africa’s 54 nations. The company said the offer broke the Nigerian market record on its opening day and passed the previous African record within its first ten days, driven by retail investors, pension funds, institutions and asset managers.
Group chief financial officer Murat Erden said the performance underpinning the offer has already moved past the assumptions used to set the IPO valuation. For the nine months to September 30, 2026, the refinery reported revenue of 22.5 billion dollars, up 144 percent from 9.2 billion a year earlier, and net profit of 4.7 billion dollars against a loss of 117.2 million dollars in the same period of 2025. EBITDA rose nearly ninefold to 5.5 billion dollars, operating cash flow rose more than tenfold to 3.68 billion dollars, and the balance sheet swung from net debt of 1.73 billion dollars in September 2025 to net cash of 651 million dollars.
The company is presenting the offer as a continental ownership milestone, and Erden described it as a landmark opportunity for Africans and global investors to own a share of one of the continent’s most transformative industrial assets. The figures are the company’s own, published in its statement and not yet tested in audited post-listing accounts, so the demand and profit claims should be read as issuer reporting until allocation results and filings confirm them.