Dangote Refinery Extends IPO Deadline by Two Weeks

Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks to give more investors across Africa the opportunity to buy shares in the company.

The offer, which opened on Sept. 14, was originally scheduled to close on Tuesday, Oct. 13.

It will now close on Oct. 27, following approval from the Securities and Exchange Commission.

President of Dangote Group, Aliko Dangote, said the decision was driven by the desire to widen participation, not the need to raise more money.

“The IPO is going very well.

"We will extend the closing date because we want more of our African brothers and sisters to participate,” he said.

Dangote added that the company had discussed ways to improve access with the Nairobi Securities Exchange and was working to establish similar arrangements with other African exchanges.

“But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure,” he said.

He added that the priority was “the number of people who will have the opportunity to participate in this offer.”

The IPO involves 4.1 billion ordinary shares priced at ₦525 each, with the offer valued at about ₦2.15 trillion, or $1.6 billion.

The company said the extension would support efforts to expand distribution channels and introduce depositary receipt programmes to make cross-border investment easier.

It would also give prospective investors more time to complete account opening, identity verification and other regulatory requirements.

Managing Director and Chief Executive Officer David Bird welcomed the extension, saying it would allow more investors across Africa to share in the refinery’s future growth.

The refinery plans to use proceeds from the offer to support expansion, including increasing its production capacity and developing fuel storage and distribution infrastructure.

The Securities and Exchange Commission has advised investors to use only approved subscription channels and verify platforms before providing personal or financial information.

The extension is expected to widen participation among retail and institutional investors as the refinery seeks broader public ownership.