Dangote Petroleum Refinery and Petrochemicals FZE has extended the closing date of its initial public offering (IPO) by two weeks to October 27, 2026, to give more investors across Africa the opportunity to participate in the share sale.
Gatekeepers News reports that the extension, approved by the Securities and Exchange Commission (SEC), moves the deadline from October 13, the original closing date of the offer, which opened on September 14.
TheCable reported on Monday that sources at the refinery confirmed the extension, adding that the move was intended to allow investors in more African countries to access the offer.
In a subsequent report, Reuters said the company cited strong investor interest and efforts to broaden participation across the continent as reasons for extending the subscription period.
The refinery said the additional time would support initiatives to improve access to the offer in other African markets, including expanding distribution channels and facilitating cross-border investment.
Aliko Dangote, president of Dangote Group, said the extension followed discussions with the Nairobi Stock Exchange and efforts to establish similar arrangements with other African exchanges.
He said the objective was to allow more people across the continent to acquire shares in the refinery rather than simply raise additional funds.
The IPO comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares, requiring N5,250 before applicable charges.
If fully subscribed, the offer is expected to raise approximately N2.15 trillion, equivalent to about $1.6 billion, to fund the refinery’s expansion programme.
The company is targeting as many as 10 million retail investors in Nigeria and other African countries through the offer.
David Bird, managing director and chief executive officer of Dangote Petroleum Refinery and Petrochemicals, welcomed the extension, saying it would create opportunities for more investors to participate in the company’s future growth.
The refinery, which has a production capacity of 700,000 barrels per day, began operations in early 2024 and supplies petroleum products to Nigeria and international markets.
The offer is expected to culminate in the listing of the refinery’s shares on the Nigerian Exchange Limited (NGX), providing investors with an opportunity to own a stake in the business.
