NIGERIA · MARKETS
Key Facts
- —The country Nigeria is Africa’s most populous nation and its largest oil producer, with its commercial capital in Lagos on the Atlantic coast.
- —What happened On Tuesday 27 October 2026 the share offer of Dangote Petroleum Refinery and Petrochemicals closed, with applications from 120 countries, the company said.
- —The reach The applications came from all 54 African countries and all six inhabited continents, up from more than 90 countries reported on Sunday 18 October.
- —The offer The company sold 4.1 billion shares at N525 (about US$0.39) each, a raise of about N2.15 trillion (about US$1.59 billion).
- —The company Aliko Dangote, Africa’s richest man, owns most of the refinery, which sits in Lekki near Lagos and is among Africa’s largest private industrial projects.
- —The results The refinery reported revenue of US$22.5 billion and EBITDA, or core operating profit, of US$5.52 billion for the first nine months of 2026.
- —Still open The company has not published the final amount subscribed or the number of applicants, and shares are not yet allotted or listed.
The Dangote refinery offer drew applications from 120 countries, including all 54 African nations, before it closed on Tuesday 27 October 2026. Its issuer, Dangote Petroleum Refinery and Petrochemicals, owned mainly by Nigerian billionaire Aliko Dangote, announced the tally in a statement the same day.
For US readers, the offer is a test of whether ordinary Africans and foreign funds will pay for a giant refinery on the Atlantic coast. The refinery’s own figures, US$22.5 billion in nine-month revenue, are the case its backers make for the Dangote refinery offer.
What the Company Announced
The company called the Dangote refinery offer “The People’s IPO” and said applications came from 120 countries on all six inhabited continents. The Daily Trust, a Nigerian newspaper based in Abuja, and the Premium Times carried the company statement.
“Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business,” said David Bird, the refinery’s managing director and chief executive. Aliko Dangote, who leads the Dangote group, said that applications from all 54 African countries were deeply significant to him.
How the Dangote Refinery Offer Worked
The offer opened on Monday 14 September 2026 and sold 4.1 billion new ordinary shares at N525 (about US$0.39) each. The minimum order was 10 shares, or N5,250 (about US$3.88), so a small saver could join through a bank, a broker or a phone app.
The sale was due to close on Tuesday 13 October, and Nigeria’s Securities and Exchange Commission, the market regulator, approved an extension of two weeks. The company said the extra time let investors in other African countries open accounts and finish identity checks.
A Wider Net Than Two Weeks Earlier
On Sunday 18 October the company counted subscriptions from more than 90 countries, including 51 African nations, in an earlier Rio Times story. The final tally adds about 30 countries and the last three African states.
Nairametrics, a Lagos business site, reported that the Dangote refinery offer ran through about 55 digital channels, including 20 banks and 32 fintech firms. It also named a target of 10 million investors and about one million retail buyers already signed up.
The Numbers Behind the Pitch
Murat Erden, group chief financial officer of Dangote Industries, cited US$22.5 billion in revenue and US$5.52 billion in EBITDA for nine months. EBITDA means earnings before interest, tax, depreciation and amortisation, a common gauge of operating profit.
The refinery processes crude oil in Lekki, east of Lagos, and is pursuing an expansion under its Vision 2030 plan. Research firm Renaissance Capital Africa earlier valued the shares well above the offer price, as the Rio Times covered in its valuation report.
What Happens Next
Nairametrics reported a timetable with the collation of returns on Tuesday 3 November and the allotment basis sent to the regulator on Tuesday 10 November. The regulator’s no-objection is expected on Tuesday 17 November.
Shares are credited about 15 business days after allotment, and trading on the Nigerian Exchange in Lagos is expected to start around then. Refunds for rejected or surplus applications are due within five business days of allotment.
What It Means for US Readers
The Dangote refinery offer was built for African savers and sold through African channels, so Americans cannot simply buy through a US broker. Those who want exposure may look at the listed Dangote Cement, the group’s cement arm, which has a Rio Times company profile.
For US funds and fuel traders, the refinery matters because it supplies petrol and diesel that Nigeria once imported. A successful listing would also show whether Lagos can raise large sums, as Nigerian Exchange chief Temi Popoola argued in an earlier Rio Times story.
What Is Not Known
The company has not said how much money the Dangote refinery offer attracted or how many applied, so oversubscription is open. Nor has it said how many shares go to Nigerian buyers and how many to buyers abroad.
The final allotment date and the first trading day have not been announced. The share price after the Dangote refinery offer will depend on demand once trading starts.
More: Nigeria news in English, every day from The Rio Times.
Frequently Asked Questions
When did the Dangote refinery offer close?
The share offer closed on Tuesday 27 October 2026. It had opened on Monday 14 September and was extended by two weeks with the regulator’s approval.
How many countries applied to buy shares?
The company says applications came from 120 countries, including all 54 African countries. Two weeks earlier it had reported more than 90 countries.
How much did the shares cost?
Each share cost N525 (about US$0.39), and the minimum order was 10 shares, or N5,250 (about US$3.88). The full offer of 4.1 billion shares was worth about N2.15 trillion (about US$1.59 billion).
Can Americans buy the shares?
The offer was distributed through banks, brokers and apps in Nigeria and other African countries, and no US tranche has been described. Americans should wait for the Nigerian Exchange listing and check their broker’s access.
When will the shares start trading?
Trading is expected about 15 business days after the allotment date, which depends on the regulator’s no-objection expected around Tuesday 17 November. No first trading day has been announced.
Sources: Daily Trust, 28 October 2026; Blueprint, 28 October 2026; Premium Times via allAfrica, 27 October 2026; Nairametrics, 12 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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