Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its Initial Public Offering, IPO, to Tuesday, October 27, 2026.
The extension comes as President/Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed that subscriptions had already exceeded the company’s original fundraising target.
Dangote emphasized that the priority was not merely to raise capital but to enable more Africans to become shareholders in one of the continent’s largest industrial enterprises.
The company said on Monday that Nigeria’s Securities and Exchange Commission had approved the extension of the offer, which opened on September 14 and had been due to close on October 13.
This is done as an effort to accommodate growing investor interest across Africa and facilitate wider participation in the landmark share offer.
The refinery is seeking to broaden ownership of its 700,000-barrel-per-day complex through an offer aimed at up to 10 million retail investors in Nigeria and elsewhere across the continent.
Also Read: Why Dangote wants millions of Nigerians to own his refinery
The company said the extension would support market-access initiatives in other African countries, including expanding distribution channels and facilitating cross-border investment.
It said the additional time would also allow prospective investors to complete account-opening procedures, identity verification checks and other regulatory requirements needed to participate in the offer.
The IPO aims to raise around $1.6 billion or up to $2.1 billion if an over-allotment option is exercised, from retail investors to help fund the expansion of the Lagos refinery.
The refinery, which began processing crude in early 2024, is central to Nigeria’s efforts to reduce fuel imports and become a net exporter of refined petroleum products.
The offering is viewed as a major test of pan-African retail investor appetite for ownership in a large industrial asset.
DAILY TRUST
