•Dangote says subscriptions have exceeded target by three to four times
LAGOS, Nigeria — Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has extended the closing date of its Initial Public Offering (IPO) by two weeks, following strong investor demand and approval from the Securities and Exchange Commission (SEC).
The offer, which opened on September 14, 2026, was originally scheduled to close on Tuesday, October 13, but will now remain open until October 27, 2026, reports Channels TV.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, representing a potential offer value of ₦2.1525 trillion if all the shares are subscribed.
The company said the extension followed exceptionally strong interest from eligible investors across Africa and international markets, adding that the additional time would allow more people to participate in the offer.
President of Dangote Group, Aliko Dangote, said the decision was driven primarily by the company’s desire to broaden ownership of the refinery rather than raise additional funds.
Speaking with journalists at the refinery, Dangote said the IPO was progressing well, with subscriptions already exceeding the amount the company originally intended to raise.
“We will extend the closing date because we want more of our African brothers and sisters to participate. Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation,” he said.
Dangote disclosed that the company was working to replicate the arrangement with other African exchanges to expand access to the offer across the continent.
“But 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,” he said.
He added that the priority was to give more investors the opportunity to own shares in the refinery.
“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,” Dangote said.
The company explained that the additional two weeks would support ongoing initiatives to expand market access in African countries, 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 procedures, identity verification and other regulatory requirements.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, welcomed the SEC’s approval, saying it would allow more investors across Africa to participate.
“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 company’s ambition from the outset had been to enable as many people as possible to participate in the IPO and share in the refinery’s future growth.
“The additional time will help us extend that opportunity to more investors across Africa,” he said.
Dangote Refinery said it remained encouraged by investor engagement across its target markets and expected the extension to broaden participation among retail, institutional and cross-border investors.
The revised deadline is October 27, 2026.
