Dangote Refinery Extends IPO By Two Weeks As Subscriptions Exceed Target

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has extended the closing date of its Initial Public Offering (IPO) by two weeks to Tuesday, October 27, 2026, following approval from the Securities and Exchange Commission (SEC).

The offer, which opened on September 14, 2026, was originally scheduled to close on October 13. The company said the extension would provide more time for investors across Africa and other international markets to participate in the offering.

President of Dangote Group, Aliko Dangote, said the decision was driven by the company’s desire to broaden investor participation rather than raise additional funds.

Speaking with journalists at the refinery, Dangote said subscriptions had already exceeded the amount the company initially intended to raise by more than three or four times.

“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.

Dangote added that the company had held discussions with the Nairobi Securities Exchange on arrangements to facilitate participation and was exploring similar initiatives with other African exchanges.

The IPO comprises 4.1 billion ordinary shares priced at N525 per share, according to the offer details provided by the company.

The company said the additional two weeks would support efforts to expand access to the offer across African markets, including the development of distribution channels and the introduction of unsponsored depository receipt programmes to facilitate cross-border investment.

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

David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, welcomed the SEC’s approval, saying the additional time would enable more investors across Africa to take part in the offer.

“From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth,” Bird said.

The company said it remained encouraged by investor interest and expected the extension to broaden participation among retail, institutional and cross-border investors.

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