Africa’s richest man, Aliko Dangote, has revealed his refinery’s initial public offering (IPO) attracted investor applications from 120 countries globally, including all 54 African nations.

The response marks a major test of appetite for ownership of one of the continent’s largest industrial investments.

The offer, which closed on Tuesday, drew interest from across all six inhabited continents, marking an expansion of the investor base for Dangote Petroleum Refinery and Petrochemicals as it pursues plans to grow its refining and petrochemical operations.

Dangote said the response demonstrated a willingness among Africans to invest in industries established on the continent, rather than remain consumers of locally produced goods and services.

“To have investor applications from all 54 African countries is deeply significant to me. It shows our people don’t just want to consume what Africa produces; they want to invest in it, own it, and share in its future. This is the Africa we have always believed in,” Dangote said.

The IPO was designed to widen ownership of the refinery beyond its existing investors while raising capital to support its expansion plans.

“We did not undertake this IPO simply because we needed to raise capital. We wanted to open the doors of ownership, give ordinary Africans an opportunity to participate in an enterprise of global significance and establish a new culture of shared prosperity,” Dangote added.

The offer opened on September 14, with 4.1 billion ordinary shares priced at 525 Nigerian naira each, targeting approximately 2.15 trillion naira in proceeds.

Initially scheduled to close on October 13, the offer was extended to October 27 following approval by Nigeria’s Securities and Exchange Commission, giving investors additional time to submit applications.

The company said commercial banks, stockbroking firms, fintech platforms and other capital market institutions supported the offer by providing multiple channels through which eligible investors could participate.

The broad geographical reach could provide a boost to efforts to deepen African capital markets by mobilising domestic savings and connecting investors across national borders.

Dangote Industries Limited Group Chief Financial Officer Murat Erden said the transaction demonstrated the potential for African financial institutions and digital platforms to expand retail participation in major industrial investments.

The refinery reported revenue of $22.5 billion and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $5.52 billion in the first nine months of 2026, according to Erden.

Managing Director and Chief Executive Officer David Bird said the international response reflected confidence in the refinery’s scale, operating capabilities and long-term prospects.

The company now plans to focus on operational performance, sustainable growth and shareholder value as it advances its Vision 2030 strategy.

Located in Lagos, Nigeria, the refinery was established to increase domestic petroleum processing capacity and reduce reliance on imported refined products.

Its expansion is also expected to play a role in strengthening fuel supply and energy security across Africa.

However, the number of countries represented by investor applications does not, on its own, establish the level of final subscriptions or how shares will ultimately be distributed.

The company’s subsequent disclosures on subscription levels and allotment will help clarify the extent of investor participation.