Dangote Petroleum Refinery and Petrochemicals FZE has officially extended its Initial Public Offering (IPO) deadline by two weeks, following massive investor enthusiasm that pushed total subscriptions past four times the original ₦2.15 trillion target.
The application closing date, which was initially set for mid-October, has now been moved to October 27, 2026, after receiving regulatory clearance from the Securities and Exchange Commission (SEC).
Management disclosed that the two-week extension aims to broaden participation across the African continent, ensuring individual retail buyers and institutional players have adequate time to fulfill regulatory compliance, perform identity verifications, and set up investment accounts.
The public offer, priced at ₦525 per share, represents one of the largest capital market raises in African history, seeking to raise up to $2.1 billion to fund the strategic expansion of the mega-refinery in Lekki, Lagos.
Commenting on the SEC-approved extension, Chief Executive Officer of Dangote Petroleum Refinery, David Bird, reiterated that democratizing shareholding across Africa remains central to the enterprise’s mission.
”From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in the company’s future growth,” Bird noted, adding that the extra time will help cross-border investors finalize onboarding logistics.
Similarly, Founder and President of the Dangote Group, Aliko Dangote emphasized that the drive goes beyond capital generation, focusing heavily on allowing ordinary citizens across the continent to share ownership in Africa’s largest industrial asset.
The public offer opened on September 14, 2026, marking a pivotal moment for the 700,000 barrels-per-day facility.
To facilitate seamless regional access, the corporation has introduced depositary receipt channels and broadened its distribution footprint beyond Nigeria, allowing pan-African retail investors and capital market entities to participate fully.
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