Dangote Petroleum Refinery and Petrochemicals says its initial public offering has drawn subscriptions from more than 90 countries, including 51 of Africa’s 54 nations. The company released the tally on Sunday, ahead of the offer’s close on 27 October. It presents the sale as the continent’s first truly pan-African share offer.
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Who is subscribing
Demand came from retail investors, pension funds, institutional investors, asset managers and fintech platforms. The company said the offer broke the Nigerian market record on its opening day and passed the previous African record within ten days. It credited cross-border arrangements with partners in several African markets for widening access and lowering barriers to participation.
The refinery has also stepped up investor education and engagement across key markets as the deadline approaches.
Management’s case
Group Chief Financial Officer Murat Erden said the refinery’s current performance has moved well beyond the baseline assumptions behind the IPO valuation. He pointed to operational momentum, scale and efficiency as the drivers of shareholder value. He described the response as a vote of confidence in Africa’s future.
The company also said investors could receive dividends linked to the US dollar, subject to its dividend policy and regulatory approvals. It called the offer a template for future continent-wide share sales.
What the company has not said
The statement left several gaps. Dangote did not disclose how much money the offer has raised or how many investors have applied. It did not explain how it will allot shares if demand exceeds supply. It also did not detail how the cross-border mechanisms work, or how many of the 51 African countries are represented by institutions rather than individual buyers. A source close to management said the company does not currently plan to extend the offer period.
The subscription figure after the close will matter more than the country count. A tally of 90 countries shows reach, not depth. If final demand matches the company’s claims, the offer could widen appetite for large local listings and strengthen the case for deeper links between African exchanges.
