Dangote Petroleum Refinery’s initial public offering (IPO) has attracted subscriptions estimated at more than four times its original offer value, prompting the company to extend the application period to give more investors an opportunity to participate.
Aliko Dangote, President of Dangote Group, disclosed that subscriptions had exceeded the amount the company initially intended to raise by more than three to four times, describing the response as strong.
The refinery’s public offer is valued at approximately ₦2.15 trillion, comprising 4.1 billion ordinary shares offered at ₦525 per share. A fourfold calculation based on the offer value would put potential subscriptions at about ₦8.61 trillion, although the company has not confirmed that exact figure as the final subscription amount.
Dangote explained that the extension was not intended to raise additional funds but to widen access to the share offer, particularly for investors across Africa.
According to him, discussions with the Nairobi Stock Exchange had helped identify ways to facilitate participation, with similar arrangements being explored with other African exchanges.
The offer, which opened on September 14, was initially scheduled to close on October 13. However, following approval from the Securities and Exchange Commission, the deadline has been extended by two weeks to October 27, 2026.
The company said the additional time would allow prospective investors to complete account opening, identity verification and other regulatory requirements. It would also support efforts to expand distribution channels and facilitate cross-border investment.
Dangote Refinery’s Managing Director and Chief Executive Officer, David Bird, welcomed the extension, saying it would provide more investors across the continent with an opportunity to participate in the company’s future growth.
The public offer forms part of efforts to broaden ownership of the refinery, which began operations in 2024 and is seeking investment to support its expansion plans.
Investors have been advised to consult the approved prospectus and use only authorised subscription channels when applying for shares.
