By Ghazali Ibrahim
Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks, giving investors until October 27, 2026, to subscribe to the share sale.
The extension, approved by the Securities and Exchange Commission (SEC), moves the closing date from October 13 to October 27, following what the company described as strong interest from investors across Africa and efforts to widen participation.
According to reports, the refinery announced the extension on Monday, October 12, saying the additional time would enable more investors to complete account-opening procedures, identity verification and other regulatory requirements.
The offer, which opened on September 14, involves 4.1 billion ordinary shares priced at ₦525 each, with the company seeking to raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.
The minimum subscription is 10 shares, costing ₦5,250 before applicable charges.
Owned by Africa’s richest man, Aliko Dangote, the 700,000-barrel-per-day refinery is seeking to broaden ownership of the facility by attracting up to 10 million retail investors in Nigeria and other African countries.
The company also plans to expand access to the offer through additional distribution channels and arrangements to facilitate cross-border investment.
Proceeds from the IPO are expected to support the refinery’s expansion plans, including increasing its capacity and developing supporting fuel storage and distribution infrastructure.
The share sale is expected to become one of Africa’s largest IPOs, although the company faces challenges in extending participation beyond Nigeria because of differences in securities regulations across African markets.
Prospective investors have been advised to consult the approved prospectus and use only authorised subscription channels.
