Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks following strong investor demand, with subscriptions reportedly exceeding its original fundraising target by more than three to four times.
The offer, initially scheduled to close on October 13, will now close on October 27, 2026, following approval by the Securities and Exchange Commission (SEC).
President of Dangote Group, Aliko Dangote, announced the extension on Monday, explaining that the decision was aimed at giving more Africans an opportunity to invest in the refinery rather than raising additional funds.
According to the company, the offer comprises 4.1 billion ordinary shares priced at ₦525 each, representing a total value of approximately ₦2.15 trillion if fully subscribed.
“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 added that the company had already received subscriptions several times above its original fundraising target but wanted to broaden participation across the continent.
Dangote also disclosed that the company was exploring arrangements with the Nairobi Securities Exchange and other African markets to make participation easier for investors outside Nigeria.
The extension is expected to give prospective investors additional time to complete account-opening procedures and other requirements for participating in the offer.
The refinery’s IPO is part of efforts to expand its investor base, with Chief Executive Officer David Bird previously indicating that the company was targeting up to 10 million retail investors.
With a processing capacity of 700,000 barrels of crude oil per day, the refinery is a major component of Nigeria’s domestic refining industry. The company has also outlined plans to expand capacity to 1.4 million barrels per day.
The reported subscription level reflects strong investor interest, although the company has not disclosed the exact total value of applications received.
Prospective investors are advised to review the official offer documents and use authorised investment channels before applying.
