Dangote Petroleum Refinery and Petrochemicals has extended the subscription period for its initial public offering (IPO) by two weeks, moving the closing date from October 13 to October 27, 2026. According to Reuters, the company announced the extension on Monday, following approval by the Securities and Exchange Commission (SEC), citing…...
Dangote Petroleum Refinery and Petrochemicals has extended the subscription period for its initial public offering (IPO) by two weeks, moving the closing date from October 13 to October 27, 2026.
According to Reuters, the company announced the extension on Monday, following approval by the Securities and Exchange Commission (SEC), citing strong investor interest across Africa and efforts to widen participation in the share sale.
TVC News had earlier reported the extension of the offering, which opened on September 14 and is expected to become Africa’s largest share sale.
The refinery, owned by Africa’s richest man, Aliko Dangote, is offering shares as part of efforts to broaden ownership of its 700,000-barrel-per-day facility among retail investors in Nigeria and other African countries.
The company said the additional two weeks would enable it to expand access to the offer across the continent by strengthening distribution channels and facilitating cross-border investments.
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It added that the extension would give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements needed to participate in the offer.
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However, the offering prospectus indicates that the share sale is not registered as a public offering outside Nigeria, meaning investors in other African countries must rely on applicable local regulations or access the offer through a limited number of eligible online investment platforms.
The regulatory limitations highlight the challenges facing Dangote Refinery’s ambition to attract investors across Africa, where fragmented capital markets continue to complicate cross-border investments.
The IPO is targeting proceeds of about $1.6 billion, with the potential to raise up to $2.1 billion if an over-allotment option is exercised.
The funds are expected to support the expansion of the refinery in Lagos, which began processing crude oil in early 2024.
The facility is central to Nigeria’s efforts to reduce dependence on imported petroleum products and position the country as a net exporter of refined fuels.
The share sale is also seen as a significant test of appetite among retail investors across Africa for stakes in major industrial assets, particularly as the refinery seeks to expand its ownership base beyond Nigeria.