Dangote Petroleum Refinery and Petrochemicals FZE has pushed back the deadline for its initial public offering (IPO) by two weeks, giving investors across Africa additional time to buy shares in the company.
The offer, which began on September 14, was originally scheduled to end on October 13. With approval from the Securities and Exchange Commission (SEC), the closing date has now been moved to October 27, 2026.
President of Dangote Group, Aliko Dangote, said the decision was driven by the company’s desire to broaden access to the share offer across the continent, rather than a need to raise more money.
Speaking on the extension, Dangote explained that the refinery was exploring ways to make participation easier for investors in different African countries, including through arrangements with stock exchanges.
“We will extend the closing date because we want more of our African brothers and sisters to participate,” he said.
He disclosed that discussions with the Nairobi Stock Exchange had helped the company identify a suitable approach to facilitating participation, adding that similar arrangements were being explored with other African exchanges.
Dangote Says Investor Demand Has Exceeded Expectations
Despite the extension, Dangote said the offer had already received subscriptions several times higher than the amount the company initially planned to raise.
He explained that the company was now more concerned with allowing a greater number of people to invest than with increasing the amount of money raised.
According to him, subscriptions had reached more than three or four times the intended fundraising target.
The IPO consists of 4.1 billion ordinary shares priced at ₦525 per share.
New Measures to Expand Access Across Africa
The refinery said the additional two weeks would help it reach investors in more African markets by expanding distribution channels and introducing unsponsored depository receipt programmes to make cross-border investment easier.
The extension is also expected to give prospective investors more time to complete the necessary procedures, including opening investment accounts, verifying their identities and meeting other regulatory requirements.
These measures are intended to reduce some of the practical barriers that could prevent interested investors outside Nigeria from participating in the offer.
Refinery CEO Welcomes SEC Approval
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, welcomed the regulatory approval, describing the extension as an opportunity to bring more African investors into the offer.
He said the refinery’s objective from the beginning had been to allow as many people as possible to invest and benefit from the company’s future growth.
Bird added that the extra time would help the company extend the opportunity to a wider pool of investors across the continent.
The company said it remained encouraged by the level of interest recorded in its target markets and expected the extension to increase participation among individual investors, institutions and those investing across national borders.
