Africa’s richest man, Aliko Dangote, is attracting investors from 51 African countries to his refinery’s public share offer, as the billionaire seeks to broaden ownership of a business that reported approximately $4.7 billion in net profit in nine months.

Dangote Petroleum Refinery and Petrochemicals recorded revenue of $22.5 billion for the nine months ended 30 September, according to figures reported earlier this month.

The earnings put the spotlight on the financial scale of the Nigerian industrial giant as investors across the continent seek an opportunity to acquire a stake in the business.

The company said on 18 October that subscriptions had come from more than 90 countries worldwide, including 51 of Africa’s 54 nations. The offer is scheduled to close on 27 October after an extension from 13 October, with no further extension currently planned.

African investors gain access

The breadth of participation follows efforts to make the securities available through multiple African capital markets. Botswana has served as a channel for Southern African investors, while Uganda has approved the promotion and distribution of the refinery’s securities to local investors.

These arrangements are important for cross-border investment, where interest alone is insufficient without authorised channels to apply for and hold securities. The participation reported so far suggests that the offer has reached investors across a wide range of African markets.

However, subscriptions do not necessarily translate into final share allocations. The eventual ownership structure will depend on the offer’s outcome and the subsequent allotment process.

$4.7 billion profit puts refinery in focus

The share offer comes as the refinery reports substantial earnings from its operations.

For the nine months ended 30 September, the business recorded approximately $4.7 billion in net profit on revenue of $22.5 billion, according to figures reported earlier this month.

Those financial results provide additional context for investors assessing the business, although the company has not disclosed how much of the reported subscription interest is attributable to African investors or how participation is divided between retail and institutional buyers.

The final results of the offer should provide a clearer picture of investor demand and the extent to which the refinery’s ownership expands beyond Nigeria.

For now, subscriptions from 51 African countries demonstrate the geographical reach of the offering, but not the amount of capital committed or the final distribution of shares.