Dangote Petroleum Refinery & Petrochemicals has announced that its ongoing Initial Public Offering (IPO) has attracted participation from investors across Africa and around the world, with subscriptions received from more than 90 countries, including investors from 51 of Africa’s 54 nations.

The unprecedented level of participation positions the transaction as Africa’s first truly pan-African public offering, reflecting strong investor confidence in African-led industrialisation and a growing desire among Africans to own strategic assets built on the continent.

The company noted that the IPO has already set new benchmarks in the capital markets, breaking the Nigerian market record on its opening day and surpassing the previous African record within its first ten days, driven by robust demand from retail investors, pension funds, institutional investors, asset managers, and members of the investing public.

Commenting on the milestone, the Chief Financial Officer of Dangote Group, Murat Erden, said: “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.”

According to Erden, the refinery’s current performance significantly exceeds the assumptions underpinning the IPO valuation.

Dangote Petroleum Refinery described the IPO as a powerful demonstration of the increasing sophistication, depth and interconnectedness of African financial markets, providing a blueprint for future continent-wide investment offerings.