Business Correspondent
Nigeria’s Dangote Petroleum Refinery and Petrochemicals has attracted investors from 51 of Africa’s 54 countries, highlighting growing interest in African-owned industrial assets.
The ongoing initial public offering (IPO) has received subscriptions from investors in more than 90 countries worldwide, according to Nigerian media, which reported the development on Monday.
The share sale, targeting approximately US$1.6 billion, is being positioned as an opportunity for African investors to acquire stakes in one of the continent’s largest industrial projects.
Dangote Group chief financial officer Murat Erden said the response demonstrated growing interest among Africans in owning businesses that drive economic development across the continent.
“This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets,” Erden said.
He added that participation by individual and institutional investors across Africa reflected a shared belief that Africans should benefit from industrial development through ownership and wealth creation.
The IPO broke Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days, driven by demand from retail investors, pension funds, institutional investors and asset managers.
Harare-based financial advisory firm Bard Santner Inc, through its subsidiary Bard Santner Investors (BSI), is facilitating Zimbabwean investors’ participation in the US$1.6 billion IPO.
Bard Santner’s involvement builds on its role in facilitating discussions around Dangote’s proposed investments in Zimbabwe, linking the firm’s corporate investment advisory work with cross-border capital-market opportunities.
The initiative involves regional market cooperation, including engagement with the Botswana Stock Exchange and other capital market participants.
The strong response to the IPO comes amid an improvement in the refinery’s financial performance.
For the nine months ended September 30, 2026, Dangote Petroleum Refinery reported revenue of US$22.5 billion and a net profit of US$4.7 billion, compared with a loss of US$117.2 million during the corresponding period in 2025.
Revenue increased by 144 percent from US$9.2 billion, while earnings before interest, taxes, depreciation and amortisation rose nearly ninefold to US$5.5 billion from US$627.6 million.
Operating cash flow increased more than tenfold to US$3.68 billion, while the company moved from a net debt position of US$1.73 billion in September 2025 to a net cash position of US$651 million a year later.
Erden said the financial results had exceeded the baseline assumptions used to determine the IPO valuation, citing the refinery’s operational performance, scale and efficiency.
The figures could strengthen investor interest, although prospective shareholders will need to assess the company’s valuation, risks and potential returns before investing.
