Dangote Petroleum Refinery and Petrochemicals FZE has extended the closing date of its Initial Public Offering (IPO) by two weeks to October 27, 2026, to allow more investors across Africa to participate in the offer.
The company said the extension, approved by the Securities and Exchange Commission (SEC), moves the deadline from October 13 to October 27, 2026.
The IPO, which opened on September 14, comprises 4.1 billion ordinary shares priced at N525 each, targeting investors in Nigeria and other African markets.
Speaking to journalists at the refinery, President of Dangote Group, Aliko Dangote, said the decision was driven by the desire to expand African participation rather than raise 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,” he said.
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Dangote disclosed that subscriptions had exceeded the company’s initial fundraising target by more than three or four times, reflecting strong investor interest in the offer.
He added that discussions with the Nairobi Securities Exchange had helped identify potential mechanisms for enabling investors in other African countries to participate, with similar arrangements being explored across additional markets.
According to the company, the extension will provide more time to expand distribution channels and introduce unsponsored depository receipt programmes to facilitate cross-border investment. Prospective investors will also have additional time to complete account opening, identity verification and other regulatory requirements.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, said the extension would broaden access for retail, institutional and international investors.
The IPO represents a major capital market initiative for the refinery, offering investors an opportunity to acquire shares in the business while supporting its ambition to broaden ownership across Africa.
