Dangote Petroleum Refinery and Petrochemicals FZE has extended the closing date of its ₦2.15 trillion initial public offering (IPO) by two weeks to enable more investors across Africa to participate in the share sale.
The extension, announced on Monday, October 12, followed approval from the Securities and Exchange Commission (SEC), moving the deadline from Tuesday, October 13, to Tuesday, October 27.
President of Dangote Group, Aliko Dangote, said the decision was driven by the company’s desire to broaden ownership of the refinery rather than raise additional funds, disclosing that subscriptions had already exceeded the original fundraising target by three to four times.
Speaking with journalists at the refinery, Dangote said the offer had attracted substantial interest and that the company was exploring ways to make participation easier for investors across the continent.
“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.
Dangote explained that discussions with the Nairobi Securities Exchange had helped identify a mechanism for facilitating participation by Kenyan investors, adding that similar arrangements were being explored with other African exchanges.
He said the company considered wider investor participation particularly important because it wanted more Africans to have an opportunity to own shares in the refinery.
“But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure,” Dangote said.
He added that the priority was to increase the number of people who could participate in the offer.
Dangote refinery IPO targets wider African participation
Under the public offer, the refinery is offering 4.1 billion ordinary shares with a nominal value of US$0.000013 each at ₦525 per share.
The IPO opened on September 14, 2026, and represents one of the most significant capital market transactions in Nigeria and Africa.
According to the company, the extension will provide additional time to expand distribution channels and implement unsponsored depository receipt programmes intended to facilitate cross-border investment.
The measures are designed to make it easier for eligible investors in other African jurisdictions to access the offer through arrangements permitted by their respective regulatory authorities.
The additional two weeks will also allow prospective investors to complete account-opening procedures, identity verification and other regulatory requirements necessary to apply for shares.
The company said investor engagement since the launch had demonstrated strong interest in its long-term growth prospects and its role in reshaping Africa’s energy industry.
CEO welcomes SEC approval
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, welcomed the regulatory approval, saying the extension would create opportunities for more investors across Africa.
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer,” Bird said.
He explained that the company had sought from the outset to enable as many people as possible to participate in the IPO and share in the refinery’s future growth.
Bird added that the additional time would help the company extend the opportunity to investors in more African markets.
Dangote Refinery said it remained encouraged by the level of investor engagement across its target markets and expected the extension to support broader participation by retail, institutional and cross-border investors.
Prospective investors are advised to review the offer prospectus and apply only through officially approved subscription channels.
The SEC has warned investors against transferring funds to unauthorised individuals or platforms claiming to facilitate participation in the IPO.
