Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks following strong investor demand across Africa, giving prospective shareholders more time to participate in the landmark share sale.
The company announced on Monday that the application period, initially scheduled to close on October 13, will now end on October 27, 2026, following approval from the Securities and Exchange Commission (SEC).
The extension is aimed at widening access to the offer, particularly for investors outside Nigeria who have faced challenges completing the necessary account-opening, identity verification and regulatory procedures.
The IPO opened on September 14, with the refinery offering 4.1 billion ordinary shares at ₦525 per share.
The offer is designed to raise funds to support the refinery’s expansion plans while allowing more Nigerians and other eligible African investors to own a stake in the business.
President of Dangote Group, Aliko Dangote, said the decision to extend the offer was driven by the desire to increase the number of people who could participate, rather than simply raise more money.
He indicated that subscriptions had exceeded the company’s original fundraising target several times, although the exact amount subscribed has not been officially confirmed.
The refinery is also working to improve access for investors in other African markets.
Initiatives under consideration include expanding distribution channels and introducing depositary receipt arrangements to make cross-border participation easier.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the extension would provide more investors across Africa with an opportunity to participate in the company’s future growth.
The development highlights the growing interest in investment opportunities linked to major African industrial projects. It also presents an opportunity for the refinery to broaden its shareholder base beyond Nigeria.
However, the offering has exposed challenges facing cross-border investment on the continent. Differences in securities regulations, limited access to approved investment platforms and complex administrative requirements have made it difficult for some foreign investors to participate.
The refinery’s public offer is expected to raise approximately $1.6 billion, with the potential to reach $2.1 billion if an over-allotment option is exercised.
Since beginning operations in early 2024, the 700,000-barrel-per-day refinery has become a major part of Nigeria’s efforts to reduce dependence on imported refined petroleum products and strengthen domestic refining capacity.
The IPO could also help deepen Nigeria’s capital market by encouraging greater participation from retail investors and expanding public ownership of a major industrial asset.
With the new closing date set for October 27, the additional two weeks will give eligible investors more time to complete their applications as the company pursues its ambition of attracting shareholders from across Africa.
