Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks to give more African investors the opportunity to acquire shares in the company.
The offer, which was initially scheduled to close on October 13, will now close on October 27, 2026, following approval from Nigeria’s Securities and Exchange Commission (SEC).
The company said the extension would allow more prospective investors across Africa to complete the necessary registration, identity verification and regulatory requirements before the offer closes.
Dangote Refinery is offering 4.1 billion ordinary shares at ₦525 per share, with the sale targeting approximately ₦2.15 trillion, equivalent to about $1.6 billion.
The share sale is expected to become one of the largest public offerings in African history, with the company seeking to broaden ownership of its refinery beyond Nigeria.
Expanding Access Across Africa
The Nigerian Exchange Group (NGX Group) has been working to introduce the offering to investors in other African markets, including Egypt, Ethiopia and Botswana.
The initiative is aimed at improving cross-border investment opportunities and strengthening connections between African capital markets.
The extension also supports efforts to expand distribution channels and establish depositary receipt programmes that could make it easier for eligible investors in other countries to participate.
According to the refinery, the decision followed strong interest from eligible investors across Africa and other jurisdictions.
Funding the Refinery’s Expansion
Proceeds from the IPO are expected to support the refinery’s expansion plans, including increasing its processing capacity, developing fuel storage and distribution infrastructure, and financing future growth.
The refinery, located in Lagos, began operations in early 2024 and has become a major part of Nigeria’s ambition to reduce dependence on imported refined petroleum products.
The offering also provides an opportunity for investors to gain exposure to a major industrial project while enabling the company to access additional capital for its expansion.
However, extending the offer beyond Nigeria presents practical challenges, including differences in regulatory requirements and access to investment platforms across African countries.
The success of these efforts could help demonstrate whether large African businesses can attract wider participation from investors across the continent.
With the revised closing date set for October 27, the refinery is seeking to use the additional time to broaden participation and make its share offer accessible to more eligible investors.
Source: Dangote Petroleum Refinery official IPO extension notice; Nairametrics.
