The window of opportunity to become a shareholder in Africa’s biggest refinery is fast closing as Dangote Petroleum Refinery and Petrochemicals has announced that its Initial Public Offering, IPO, will shut in the next 48 hours.
The company, in a statement issued on Friday, urged prospective investors across the country and in the diaspora to urgently complete their subscriptions before the offer closes tomorrow.
According to the management, the IPO, which opened a few weeks ago, has attracted overwhelming interest from both retail and institutional investors, with subscription levels increasing by the day.
The refinery said investor enthusiasm has become even more pronounced in the last 72 hours following the publication of its audited nine-month financial results for the period ended September 30, 2026.
The results, which have been described by capital market analysts as outstanding, showed that the company’s revenue surged by a staggering 144 percent year-on-year to $22.5 billion.
The management attributed the remarkable revenue growth to the refinery’s attainment of optimal production capacity, improved crude supply arrangement and sustained demand for refined products from both local and international markets.
The refinery also disclosed that it posted a net profit of $4.73 billion within the nine-month period, a dramatic turnaround from the loss after tax it recorded in the corresponding period of 2025.
This impressive return to profitability, according to financial experts, signals that the $20 billion refinery has overcome its initial teething challenges and has now entered a phase of strong profitability and cash flow generation.
Dangote Petroleum Refinery and Petrochemicals explained that the decision to float its shares to the public was borne out of a desire to democratize ownership and allow Nigerians from all walks of life to partake in the prosperity created by the refinery.
The company noted that the offer was carefully structured to accommodate small retail investors, with a minimum subscription that is affordable, while also leaving room for big-ticket institutional investors.
It stressed that by investing in the refinery, Nigerians will not only be creating wealth for themselves but will also be contributing to the industrialisation of the country and the stability of the economy.
The refinery described itself as a critical national infrastructure that is at the heart of Nigeria’s quest for energy independence, industrial growth and foreign exchange conservation.
According to the statement, the 650,000 barrels per day refinery has significantly reduced the country’s dependence on imported petroleum products, thereby saving the nation several billions of dollars that would have been spent on importation.
It added that the refinery is now the major supplier of Premium Motor Spirit, PMS, Automotive Gas Oil, AGO, Jet Fuel and other refined products to the Nigerian market and neighbouring West African countries.
The management assured that funds realised from the IPO will be channelled into optimisation of operations, debt repayment and expansion projects that will further enhance efficiency and shareholder value.
It also assured prospective shareholders of sound corporate governance, transparency and commitment to delivering superior returns on investment in the medium to long term.
Capital market operators who spoke on the development described the Dangote Refinery IPO as a once-in-a-lifetime opportunity, given the strategic nature of the asset and its monopoly-like position in the African refining landscape.
They pointed out that the release of the strong nine-month results has further boosted investor confidence, as it provides concrete evidence of the refinery’s capacity to generate massive profits and pay dividends.
The company therefore advised interested investors to approach their stockbrokers, commercial banks or download the subscription forms from the official website of the issuing houses to complete their applications.
It emphasised that the closing date remains sacrosanct and that there will be no extension beyond tomorrow, as the company is determined to comply with the timetable approved by the Securities and Exchange Commission, SEC.
For millions of Nigerians seeking a solid and future-proof investment, the final 48 hours of the Dangote Refinery IPO presents a golden opportunity to own a slice of what many have described as the single most transformative industrial project in the history of Nigeria and indeed Africa.
