- Dangote Petroleum Refinery has extended its IPO application period by two weeks to October 27, 2026.
- The share sale targets up to 10 million retail investors in Nigeria and other African countries.
- The refinery hopes to raise up to $2.1 billion to fund the expansion of its Lagos facility.
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Dangote Group has extended the deadline for investors to apply for shares in Dangote Petroleum Refinery and Petrochemicals by two weeks, giving prospective shareholders more time to participate in the offer.
The company announced on Monday, October 12, that Nigeria's Securities and Exchange Commission had approved the extension, moving the closing date from October 13 to October 27, 2026.
Source: Getty Images
The initial public offering opened on September 14 and is expected to become Africa's largest share sale.
According to Reuters, the extension follows strong investor interest across Africa and is intended to broaden access to the offer.
The company said the additional time would support efforts to expand distribution channels in other African countries and facilitate cross-border investment.
It will also allow prospective investors to complete account-opening procedures, identity verification and other regulatory requirements needed to participate in the offer.
Dangote refinery targets millions of investors
The refinery, owned by Africa's richest person, Aliko Dangote, is seeking to expand ownership of its 700,000-barrel-per-day facility by attracting up to 10 million retail investors in Nigeria and elsewhere on the continent.
The prospectus indicates that the share sale is not registered as a public offering outside Nigeria. This means investors in other African countries must rely on applicable local regulations or use a limited number of eligible online investment platforms to participate.
The arrangement highlights the challenges facing cross-border investment in Africa, where fragmented capital markets can make it difficult for investors to buy shares in companies operating in other countries.
The offering is expected to raise about $1.6 billion, with proceeds potentially reaching $2.1 billion if an over-allotment option is exercised.
Source: Getty Images
Refinery expansion plans
Dangote Petroleum Refinery began processing crude oil in early 2024 and has a nameplate capacity of 700,000 barrels per day.
The facility is central to Nigeria's efforts to reduce dependence on imported petroleum products and increase domestic refining capacity.
The planned share sale is also a major test of demand among African retail investors for ownership in a large industrial asset.
By extending the application period, the company is seeking to give more investors time to meet the requirements for participating in the offer while expanding its reach beyond Nigeria.
Dangote offers students free shares in refinery IPO2
Earlier, Legit.ng reported that the Aliko Dangote Foundation (ADF) has unveiled a Student Share Grant Initiative that will give qualifying Nigerian students 10 free shares in Dangote Petroleum Refinery and Petrochemicals FZE after they subscribe to the company's ongoing initial public offering (IPO).
The programme is open to students aged 18 and above who are enrolled in public or private tertiary institutions across Nigeria.
To qualify, students must complete a verification process and subscribe to at least 10 shares through the foundation's dedicated platform, ipo.alikodangotefoundation.org.
Source: Legit.ng