Dangote Refinery Extends IPO Subscription Deadline to October 27

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has extended the subscription period for its Initial Public Offering (IPO) by two weeks following approval from the Securities and Exchange Commission (SEC).

The offer, which opened on September 14, 2026, was initially scheduled to close on Tuesday, October 13, but will now remain open until Tuesday, October 27, 2026.

The IPO comprises 4.1 billion ordinary shares priced at ₦525 per share, with a nominal value of US$0.000013 each.

The company said the extension followed strong interest from eligible investors across Africa and international markets, adding that the additional time would enable more people to participate in the offer.

Speaking to journalists at the refinery, President of Dangote Group, Aliko Dangote, said subscriptions had already exceeded the amount the company initially intended to raise.

“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate,” Dangote said.

He explained that discussions with the Nairobi Securities Exchange had helped the company identify a possible way to facilitate broader participation, with similar arrangements being explored with other African exchanges.

Dangote said the extension was not primarily about raising additional funds but about giving more people across the continent an opportunity to invest in the refinery.

According to the company, the additional two weeks will support efforts to improve access to the offer in different African markets. These include expanding distribution channels and introducing unsponsored depository receipt programmes intended to facilitate cross-border investment.

The extension will also give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements needed to participate.

Commenting on the development, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, welcomed the SEC’s approval.

Bird said the extension would allow more investors across Africa to participate in the offer and share in the company’s future growth.

The IPO represents a major capital market offering for the refinery, with the company seeking to broaden investor participation beyond Nigeria.