Dangote Extends Refinery IPO Deadline to Widen African Investor Access
Dangote Petroleum Refinery and Petrochemicals FZE has extended the closing date of its initial public
offering by two weeks to allow more investors across Africa to participate in the share sale.
The offer, which opened on 14 September 2026 and was originally scheduled to close on 13 October,
will now end on 27 October 2026. Nigeria’s Securities and Exchange Commission approved the
extension.
In a statement on Monday, Dangote Group President Aliko Dangote said the decision was driven by the
desire to broaden participation rather than raise additional capital.
“The IPO is going very well. We will extend the closing date because we want more of our African
brothers and sisters to participate,” he said.
“Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the
best way to facilitate participation. We are now trying to replicate that arrangement with other African
exchanges to ensure wider participation.”
Dangote noted that subscriptions had already exceeded the amount the company originally intended to
raise.
“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 in this offer. That
means quite a lot to us.”
The IPO involves the sale of 4.1 billion ordinary shares priced at ₦525 each. It aims to raise
approximately ₦2.15 trillion (about $1.6 billion), with the potential to reach up to $2.1 billion if an
overallotment option is exercised.
Proceeds will support the expansion of the 700,000-barrel-per-day refinery in Lagos.
The company described the extension as an access initiative. It will support efforts to expand
distribution channels in other African markets and introduce unsponsored depository receipt
programmes to facilitate cross-border investment.
Markets including Kenya, Uganda and Botswana have already opened pathways for local investors to
take part.
The offer targets up to 10 million retail investors across Nigeria and the wider continent.
The share sale is positioned as one of Africa’s largest public offerings and forms part of Dangote’s stated
goal of democratising ownership of major industrial assets on the continent.
By Oyinkansola Shittu.
