Dangote Refinery: 51 of 54 African countries in IPO offer, no figures published

On October 18, 2026, the Dangote Petroleum and Petrochemicals refinery announced that its initial public offering, which has been open in Lagos since September 14, had attracted subscriptions from more than 90 countries, including 51 of the 54 African states. The Nigerian group describes the operation as the continent's first "truly pan-African" share offering, according to the statement reported by Peoples Gazette.

The offer consists of 4.1 billion ordinary shares at 525 naira each, totaling approximately 2.15 trillion naira if fully subscribed, before fees, reports Streamline Feed. The entry ticket was set low for individuals in Nigeria: ten shares, or 5,250 naira. The closing date, initially scheduled for October 13, was pushed back to October 27 following a two-week extension approved by the Nigerian market regulator.

An entry point opened outside Nigeria

The operation was designed to extend beyond Nigerian borders. In Kenya, the Capital Markets Authority authorized a depository receipt reserved for local investors at 53.50 shillings per share, with a minimum of ten receipts; the subscription period also ends on October 27, Streamline Feed specifies. The group cites collaborations established with Botswana, Egypt, Ethiopia, and Kenya.

Dangote Group's Chief Financial Officer, Murat Erden, stated that the operation goes far beyond a simple capital raise. The accounts for the first nine months ending September 30, 2026, show a turnover of 22.5 billion dollars, compared to 9.2 billion a year earlier, and a net profit of 4.7 billion dollars after a loss of 117.2 million during the same period in 2025. On October 16, Renaissance Capital Africa raised its valuation to 700.41 naira per share, approximately 33.4% above the offer price.

What the figure of 51 countries does not say

The country count measures audience, not fundraising. The company has published neither the number of requests received, nor the capital actually committed, nor a country-by-country breakdown, nor the method used to validate these subscriptions, notes Streamline Feed. The Nigerian financial platform Proshare noted on October 16 that no official interim subscription statement had been made public.

The remainder of the indicative schedule provides for the collection of returns on November 3, a proposal for allocation to the regulator on November 10, and then its no-objection approval on November 17; these dates may still change. At the launch, Aliko Dangote was expected to hold approximately 87% of the capital, according to the Associated Press as cited by Streamline Feed: African savers will therefore share a minority stake in a strategic asset of the continent.