Dangote Refinery Extends IPO Offer Period by Two Weeks to Attract More African Investors

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has extended the application period for its Initial Public Offering (IPO) by two weeks, following approval from the Securities and Exchange Commission (SEC), to enable more investors across Africa to participate in the offer.

The offer, which opened on Monday, September 14, 2026, was initially scheduled to close on Tuesday, October 13, 2026. It will now remain open until Tuesday, October 27, 2026.

The IPO comprises 4.1 billion ordinary shares of US$0.000013 each, offered at ₦525 per share, in what the company describes as one of the most significant capital market offerings in Nigeria and Africa.

The extension follows strong interest from eligible investors across Africa and other international markets, reflecting growing investor interest in the refinery’s long-term growth prospects and its potential role in transforming Africa’s energy sector.

Speaking with journalists at the refinery, President of Dangote Group, Aliko Dangote, said the decision to extend the offer was primarily aimed at giving more Africans the opportunity to participate, rather than raising additional funds.

“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate,” Dangote said.

He explained that the company had held discussions with the Nairobi Securities Exchange on ways to facilitate broader participation and was working to replicate similar arrangements with other African exchanges.

According to him, subscriptions had already exceeded the amount the company initially intended to raise by more than three to four times.

He added that the priority was to expand the number of investors who could participate in the offer.

“So, it is not about the amount of money. It is about the number of people who will have the opportunity to participate in this offer. That means quite a lot to us,” he said.

The company said the additional two weeks would support ongoing efforts to improve market access across African countries, including expanding distribution channels and introducing unsponsored depository receipt programmes to facilitate cross-border investments.

The extension is also expected to give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements needed to participate in the offer.

Commenting on the development, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, welcomed the SEC’s approval, describing the extension as an opportunity to broaden investor participation across the continent.

“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 noted that the company’s ambition from the outset had been to enable as many investors as possible to participate in the IPO and benefit from the refinery’s future growth.

Bird added that the extended application period would help the company reach more retail, institutional and cross-border investors.

The company expressed satisfaction with the level of investor engagement across its target markets, saying the extension would further strengthen efforts to promote wider participation in the offer as the refinery enters its next phase of growth.

The revised closing date for the IPO is Tuesday, October 27, 2026.