Dangote Reveals Fourfold Subscriptions, Announces Two-Week Extension for Refinery IPO

According to a report by The Punch on Tuesday, October 13, 2026, billionaire industrialist and President of the Dangote Group, Aliko Dangote, has announced that the public offer for the Dangote Petroleum Refinery has attracted massive interest, recording subscriptions exceeding three to four times its initial fundraising target.

Initially scheduled to close on October 13 after opening on September 14, the Securities and Exchange Commission has approved a two-week extension, pushing the new closing date to October 27.

The IPO involves 4.1 billion ordinary shares priced at ₦525 each, bringing the total target offer value to approximately ₦2.15tn. Calculations based on Dangote’s remarks suggest potential subscriptions could reach an estimated ₦8.61tn.

Speaking on the overwhelming response, Dangote clarified that the extension was not prompted by a need for more funds, but rather by a strategic desire to allow more African investors to participate.

Discussions with the Nairobi Stock Exchange and plans to replicate similar arrangements with other African exchanges are currently underway to ease cross-border investment.

“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 stated. Explaining the financial milestone, he added,

“When it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure. So, it is not about the amount of money. It is about the number of people who will have the opportunity to participate.”

Managing Director David Bird noted that the extra time will help prospective investors complete account openings, identity verification, and regulatory compliance.

StanDailyScripts feedback-opera-news-app@opera.com