Dangote Refinery IPO Deadline Shifted to October 27

Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its Initial Public Offering (IPO) by two weeks to October 27, 2026, following approval by the Securities and Exchange Commission (SEC), to accommodate rising investor interest across Africa.

The company announced the extension in a statement on Monday, saying the additional time would enable more eligible investors to participate in the share offer.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed that subscriptions had already exceeded the company’s original fundraising target several times, stressing that the priority was to broaden African ownership of the refinery.

Dangote spoke during a visit by a delegation of Kenyan parliamentarians to the refinery in Lagos.

“The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate,” he said.

“Talking about the amount of money we want to sell, we have done much more than three, four times that amount already. So, it’s not about the amount. It’s about the number of people that want to participate in this offer. It means quite a lot.”

According to the company, the offer involves 4.1 billion ordinary shares at N525 per share, amounting to approximately N2.15 trillion. The subscription period, which opened on September 14, was initially scheduled to close on October 13.

Dangote said discussions with the Nairobi Securities Exchange had helped identify a framework for expanding participation by investors in other African countries, an approach the Group hopes to replicate across additional markets, subject to regulatory requirements.

The company said it was also exploring wider distribution channels and depositary receipt programmes to facilitate cross-border investment.

The extension is expected to give prospective investors more time to complete account opening, identity verification and other regulatory requirements.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the decision reflected the company’s commitment to making the offer accessible to more African investors.

“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 additional time would help the company extend the opportunity to more investors interested in sharing in the refinery’s future growth.

The IPO extension comes amid growing support for Dangote Group’s planned industrial investments in East Africa under its Africa Vision 2030 strategy, including the proposed Dangote East Africa Petroleum Refinery and Petrochemicals project in Lamu, Kenya.

Majority Leader of Kenya’s National Assembly, Kimani Ichung’wah, reaffirmed the support of a parliamentary delegation for the Group’s investments in Kenya and the wider East African region.

Speaking during the visit to the Dangote industrial complex, Ichung’wah said the Group’s investments could have implications beyond commercial returns, including economic development and regional integration.

“The audacity of the Dangote Group goes beyond looking for profits, but impacting the entire economy of a nation, shaping the destiny of a nation,” he said.

He added that the proposed Lamu project could help reshape Kenya’s economic prospects and influence the wider East African region and global oil industry.

The delegation toured the 700,000-barrel-per-day Dangote Petroleum Refinery, Dangote Fertiliser Limited and supporting infrastructure to assess the scale of the investments and the industrial model being pursued in Kenya.

Ichung’wah said the lawmakers’ visit was also intended to reaffirm their support for the Group’s investments and the refinery’s IPO.

“We are here to restate our support for the Dangote Group and their investment in Kenya, in the East African region, and also to support the IPO,” he said.

Addressing concerns that a change of government in Kenya could affect the Lamu refinery project, the Kenyan lawmaker said its economic importance extended beyond the tenure of any administration.

“This is a project that transcends any administration,” he said, adding that its impact would extend beyond Kenya to the wider region.

The delegation included representatives of the majority and minority leadership of Kenya’s National Assembly, lawmakers from Turkana, representatives of Lamu County and members of the National Assembly’s Energy Committee.