The Dangote Petroleum Refinery and Petrochemicals FZE has extended the closing date of its initial public offering (IPO) by two weeks to give more investors across Africa an opportunity to participate in the share sale.
The offer, which opened on September 14, 2026, was originally scheduled to close on Tuesday, October 13. Following approval from the Securities and Exchange Commission (SEC), the application period will now remain open until Tuesday, October 27, 2026.
Dangote Says Extension Is About Wider Participation
Dangote Group President Aliko Dangote said the decision was driven primarily by the desire to allow more African investors to participate rather than by a need to raise additional funds.
He said subscriptions had already exceeded the amount the company originally intended to raise several times over.
According to Dangote, the company has been working with the Nairobi Securities Exchange to establish a mechanism that would make it easier for investors in Kenya and other African countries to participate. Similar arrangements are being explored with other African exchanges.
The extension is therefore intended to broaden ownership of the refinery beyond Nigerian investors.
IPO Offers 4.1 Billion Shares
The public offering consists of 4.1 billion ordinary shares priced at ₦525 each.
At the offer price, the share sale is valued at approximately ₦2.15 trillion, equivalent to about $1.6 billion. The offering also contains an over-allotment option that could increase the total amount raised to about $2.1 billion if fully exercised.
The refinery has been targeting participation from as many as 10 million retail investors in Nigeria and elsewhere across Africa as part of efforts to widen ownership of the 700,000-barrel-per-day facility.
More Time for African Investors
Dangote Petroleum Refinery said the additional two weeks will support initiatives aimed at expanding access to the offer across African markets.
These include expanding distribution channels and introducing depositary receipt programmes designed to make cross-border investment easier.
The extension will also give prospective investors additional time to complete account-opening procedures, identity verification and other regulatory requirements needed to participate in the offer.
The company said it has received strong interest from eligible investors across Africa and other jurisdictions since the IPO opened.
Ethiopia Among Markets Seeking Access
The extension is already facilitating wider participation from other African markets.
Ethiopian investors who meet the country's Qualified Investor criteria are eligible to participate, subject to Ethiopia's capital-market regulations and the requirements of the relevant authorised investment providers.
The development illustrates the broader ambition behind the offer: to give investors outside Nigeria an opportunity to acquire an ownership stake in one of Africa's largest industrial projects.
IPO Proceeds to Support Refinery Expansion
The share sale is also expected to provide funding for the refinery's expansion plans.
The 700,000-barrel-per-day refinery, located in Lagos, is being positioned for further expansion, with plans aimed at eventually increasing capacity to 1.4 million barrels per day.
The company has also outlined plans involving fuel storage, distribution infrastructure and other investments intended to support the refinery's future growth.
The refinery began processing crude in early 2024 and has become an important part of Nigeria's efforts to increase domestic refining capacity and reduce dependence on imported refined petroleum products.
New IPO Timetable
Following the extension, the revised timetable sets October 27 as the new application closing date.
The company expects the collation of returns to take place on November 3, while the submission of the basis of allotment proposal to the SEC is scheduled for November 10.
Subject to regulatory approvals, the allotment date is expected to be November 17, with listing and commencement of trading scheduled for 15 business days after the allotment date. The company cautioned that the timetable remains indicative and could change.
The extension gives investors across Nigeria and other eligible African markets another two weeks to complete their applications as Dangote seeks to broaden participation in what is expected to be one of Africa's largest public share offerings.
