By Seun Ibiyemi
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 allow more investors across Africa to participate in the share sale.
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, 2026.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, putting the total offer value at approximately ₦2.15tn if all the shares are subscribed.
President of Dangote Group, Aliko Dangote, said the decision to extend the offer was driven by the desire to broaden participation across the continent rather than raise additional funds.
Speaking to journalists at the refinery, Dangote disclosed that subscriptions had already exceeded the company’s initial fundraising target by more than three to four times.
“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate,” he said.
He explained that the company wanted to give more Africans the opportunity to become shareholders in the refinery and participate in its future growth.
Dangote said discussions with the Nairobi Securities Exchange had helped the company identify an approach to facilitate investment by participants outside Nigeria.
According to him, the company is seeking to replicate the approach through other African stock exchanges to widen access to the offer.
The initiative is intended to expand the refinery’s investor base beyond Nigeria and encourage greater cross-border participation in the continent’s capital markets.
The company said the additional two weeks would allow it to improve distribution channels across African markets and introduce unsponsored depository receipt programmes to facilitate investment by eligible investors in other jurisdictions.
The extended period is also expected to give prospective subscribers more time to complete account-opening procedures, identity verification and other regulatory requirements.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, said the extension would help the company reach more investors across Africa.
He said the refinery’s ambition was to enable as many people as possible to participate in the IPO and benefit from its future growth.
The offer is being positioned as an opportunity to broaden African participation in the ownership of one of the continent’s major refining and petrochemical facilities.
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The extension also reflects the company’s effort to address practical barriers that investors outside Nigeria may encounter when accessing the offer.
With 4.1 billion shares offered at ₦525 each, the IPO represents a potential offer value of approximately ₦2.15tn.
The reported oversubscription indicates demand above the company’s initial fundraising target, although the final outcome will depend on the completed subscription process and the applicable allotment arrangements.
Dangote’s clarification that the extension is intended to widen participation rather than raise additional funds places investor access at the centre of the decision.
The extended deadline could provide more time for investors across Nigeria and other African markets to assess the offer and complete the necessary procedures before applications close on October 27.
The outcome will be closely watched as the refinery seeks to broaden its shareholder base and establish a wider African investor presence.
