Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its initial public offering (IPO) by two weeks, giving prospective investors additional time to participate in the share sale.
The offer, which opened on September 14 and was originally scheduled to close on October 13, will now remain open until October 27, 2026, following approval from the Securities and Exchange Commission (SEC).
The company said the extension was prompted by strong interest from eligible investors across Africa and other markets, as well as efforts to make the offer more accessible to a wider range of investors.
The IPO involves 4.1 billion ordinary shares priced at ₦525 each, with the refinery seeking to raise approximately ₦2.15 trillion to support its expansion plans.
Aliko Dangote, president of Dangote Group, said the additional time would help more African investors participate in the offer. He explained that the company was working to improve access through other African markets, including initiatives involving the Nairobi Securities Exchange.
The refinery also said the extension would allow prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements.
David Bird, managing director and chief executive officer of Dangote Petroleum Refinery and Petrochemicals, welcomed the SEC’s approval, saying the additional period would create opportunities for more investors across the continent to acquire shares in the company.
The offer is expected to become one of Africa’s largest share sales and represents a major step towards broadening public ownership of the 700,000-barrel-per-day refinery.
Under the revised timetable, the application list will close on October 27, while the collation of returns is scheduled for November 3. The proposed allotment announcement and subsequent listing will follow the regulatory approval process outlined in the offer timetable.
Prospective investors have been advised to review the official prospectus and use only approved subscription channels before applying.
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