Dangote refinery extends IPO by 2 weeks

Dangote Petroleum Refinery and Petrochemicals has officially extended the closing date of its Initial Public Offering (IPO) by two weeks. The extension, which was approved by the Securities and Exchange Commission (SEC), is designed to accommodate more investors across Africa.

The company announced that the application period for its offering of 4.1 billion ordinary shares at ₦525 per share will now close on Tuesday, October 27, 2026. The share offer valued at approximately ₦2.15 trillion, originally had a closing deadline of October 13.

Speaking on the performance of the IPO during a visit by a delegation of Kenyan parliamentarians to the refinery in Lagos, Aliko Dangote confirmed the massive oversubscription.

He stated that the primary goal is not capital generation, but enabling millions of Africans to become shareholders in the industrial enterprise.

“The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate…Talking about the amount of money we want to sell, we have done much more than three, four times that amount already. So, it’s not about the amount. It’s about the number of people that want to participate in this offer. It means quite a lot.”

The company intends to replicate this model across other African capital markets by expanding distribution channels and introducing depositary receipt programmes.

The Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, stated that the two-week extension provides ample time for prospective investors to complete account opening and identity verification procedures.