Dangote Petroleum Refinery and Petrochemicals has extended the deadline for its ₦2.15tn initial public offering (IPO) by two weeks to October 27, 2026, to give more investors across Africa the opportunity to participate in the share sale.
The extension, approved by the Securities and Exchange Commission (SEC), moves the closing date from October 13, the original deadline, as the company seeks to widen access to the offer beyond Nigeria.
In a notice dated October 12, 2026, the refinery said the additional time would support efforts to expand distribution channels across African markets, introduce depositary receipt arrangements and allow prospective investors to complete account-opening, identity verification and regulatory requirements.
The offer, which opened on September 14, comprises 4.1 billion ordinary shares priced at ₦525 each. Investors can apply for a minimum of 10 shares at ₦5,250.
President of Dangote Group, Aliko Dangote, said the extension was not driven by a need to raise additional funds but by the company’s desire to give more Africans an opportunity to own shares in the refinery.
Speaking on Monday, October 12, Dangote said subscriptions had exceeded the amount the company initially intended to raise by more than three to four times.
However, The PUNCH reported on October 13 that the company had not disclosed the exact amount subscribed or confirmed whether the reported multiple applied to the entire offer value.
The IPO could raise approximately ₦2.15tn, equivalent to about $1.6bn, with the potential to raise more if an over-allotment option is exercised.
The proceeds are intended to support the refinery’s expansion programme, including plans to increase capacity from 700,000 barrels per day to 1.4 million barrels per day, alongside investments in supporting infrastructure.
The offer is also expected to test the ability of African capital markets to mobilise domestic savings for large industrial projects.
However, cross-border participation has faced regulatory challenges. In a report published on October 9, 2026, Reuters said the offer was registered as a public offering in Nigeria but not in other African countries, leaving investors elsewhere to navigate their domestic regulations and limited authorised investment channels.
Kenya’s approval of a Global Depositary Receipt arrangement was among the initiatives aimed at facilitating participation from outside Nigeria.
The refinery’s valuation, estimated at nearly $50bn, has also attracted differing views among investors, with some questioning whether the price adequately reflects the company’s investment potential.
Under the revised timetable published by the refinery, the application list will close on October 27, while the collation of returns is scheduled for November 3. The submission of the proposed basis of allotment to the SEC is scheduled for November 10, with regulatory clearance expected on November 17.
The company has indicated that the subsequent allotment, settlement and listing dates remain subject to the completion of the required regulatory and administrative processes.
Prospective investors have been advised by the SEC to use only officially approved subscription channels and carefully review the offer’s prospectus before investing.
