Dangote Petroleum Refinery and Petrochemicals has extended its ₦2.15 trillion initial public offering (IPO) to October 27, 2026, giving prospective investors two additional weeks to apply for shares, as Aliko Dangote says smaller investors will receive priority in the allocation process.
The extension, approved by the Securities and Exchange Commission (SEC), moves the closing date from October 13 to October 27. The company said the additional time would help more investors across Africa participate in the offer and complete the account-opening and identity-verification requirements.
Reuters reported on October 12, 2026, that the extension was intended to broaden access to the share sale, including through expanded distribution channels in other African markets.
The offer opened on September 14, 2026, and comprises 4.1 billion ordinary shares priced at ₦525 each. Full subscription to the original offer would raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.
The minimum subscription is 10 shares, costing ₦5,250, with additional applications made in multiples of 10 shares.
In a report published on October 14, 2026, The PUNCH said Dangote had promised to prioritise investors applying with ₦50,000 or less. He made the statement during the final leg of the refinery’s IPO roadshow in Port Harcourt, Rivers State, according to a statement issued by Dangote Group.
At the offer price of ₦525 per share, an investor applying within that amount can request a maximum of 90 shares, costing ₦47,250, under the multiple-of-10 subscription rule. The next permitted application, for 100 shares, would cost ₦52,500.
The priority promise could improve the chances of smaller applicants if demand exceeds the available shares. However, the company’s final allocation arrangements will determine how applications are treated, and investors should not assume that applying for a particular number of shares guarantees receiving them.
The offer’s subscription level has also drawn attention. In a report published on October 13, 2026, The PUNCH said Dangote had stated that subscriptions exceeded the amount the company originally intended to raise by more than three or four times.
However, the newspaper noted that the company had not disclosed the exact amount subscribed or confirmed that the reported multiple applied to the full ₦2.15 trillion offer. The frequently cited figure of about ₦8.61 trillion is therefore an estimate based on multiplying the original offer value by four, not a confirmed subscription total.
Dangote said the extension was intended to give more Africans an opportunity to own shares in the refinery rather than to raise additional funds. Reuters reported that the company was also working to improve access through arrangements in other African markets.
The refinery is seeking to broaden ownership of its 700,000-barrel-per-day facility, which began operations in 2024. Proceeds from the offer are intended to support its expansion programme.
Eligible retail investors may also qualify for up to two additional shares at no extra cost if they maintain the required minimum shareholding for the periods specified in the prospectus. The bonus is subject to the offer’s stated conditions and should not be treated as automatic for every applicant.
The IPO comes as the refinery pursues plans to increase its capacity to 1.4 million barrels per day by 2029. In a report published on October 12, 2026, The PUNCH quoted Dangote as outlining the expansion target during the Port Harcourt roadshow.
For prospective shareholders, the extension provides more time to review the offer, but it does not remove the risks associated with equity investment. The ₦525 offer price does not guarantee the price at which the shares will trade after listing, and future returns are not assured.
The SEC advised investors in a notice published on September 14, 2026, to use only officially approved subscription channels, verify platforms before providing financial information and read the approved prospectus carefully.
Investors should consult the prospectus for the complete subscription terms, allotment procedures, bonus-share conditions and investment risks before applying.
