Dangote Refinery Extends IPO Offer Period by Two Weeks

According to a report by Vanguard on Monday, October 12, 2026, Dangote Petroleum Refinery and Petrochemicals FZE has extended the subscription period for its initial public offering (IPO) by two weeks, giving prospective investors additional time to participate in the landmark share sale.

The extension, approved by the Securities and Exchange Commission (SEC), moves the closing date from Tuesday, October 13, to Tuesday, October 27, 2026.

The offer, which opened on September 14, comprises 4.1 billion ordinary shares priced at ₦525 each. The company is seeking to raise approximately ₦2.15 trillion through the sale, making it one of the largest public offerings in Nigeria’s capital market and a landmark transaction for Africa.

The refinery said the decision followed strong interest from eligible investors across Nigeria, other African countries and international markets. It explained that the additional time would allow more people to complete their applications and provide an opportunity to expand participation beyond the domestic market.

Speaking to journalists at the refinery, President of Dangote Group, Aliko Dangote, said the extension was primarily intended to give more Africans the opportunity to become shareholders rather than to 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,” Dangote said.

He explained that the company had held discussions with the Nairobi Securities Exchange on arrangements to facilitate participation by investors in Kenya and was exploring similar opportunities with other African exchanges.

Dangote also said subscriptions had exceeded the amount the company originally intended to raise several times over, although a detailed breakdown of the reported subscriptions was not provided in the announcement.

“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.

According to the company, the additional two weeks will support efforts to improve access to the offer across African markets. These initiatives include expanding distribution channels and introducing unsponsored depository receipt programmes designed to make cross-border investment easier.

David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, welcomed the SEC’s approval, saying the company wanted to make participation possible for as many eligible investors as possible.

“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 added that the refinery’s ambition was to enable more people to share in its future growth by becoming shareholders.

The IPO is part of Dangote Refinery’s broader strategy to widen ownership of the industrial project and strengthen its access to capital as it pursues future expansion plans.

The refinery, located in the Lekki Free Zone in Lagos, has a production capacity of up to 700,000 barrels of crude oil per day. Its public offering is expected to attract substantial retail investor participation, with the company targeting millions of shareholders across Nigeria and other African markets.

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