Dangote Group is reportedly considering a two-week extension of the subscription period for the Dangote Petroleum Refinery’s initial public offering (IPO) to give more investors across Africa an opportunity to participate.
The proposed extension would shift the closing date from October 13 to October 27, 2026, according to sources familiar with the development who spoke to TheCable.
The sources said the move was being considered partly because several African stock exchanges were still setting up the platforms required to enable investors in their respective countries to subscribe to the offer.
One source explained that the additional time would allow more investors across the continent to access the share sale as the necessary arrangements were completed.
The refinery’s IPO opened on September 14, with 4.1 billion ordinary shares offered at N525 per share. Investors can subscribe for a minimum of 10 shares.
The shares are expected to be listed on the Nigerian Exchange Limited after the offering is completed.
Dangote Refinery Targets N2.15 Trillion
The share sale is expected to raise N2.15 trillion if fully subscribed, with the proceeds earmarked for the refinery’s expansion plans.
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Dangote Group President and Chief Executive Officer, Aliko Dangote, has described the offering as the “People’s IPO”, presenting it as an opportunity for members of the public to acquire an ownership stake in the refinery.
He said the initiative reflected the group’s intention to share the benefits of its business activities with the public, adding that the refinery’s development was part of a broader journey.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” Dangote said.
The proposed extension is expected to provide additional time for prospective investors, particularly those outside Nigeria, to participate in the offer.
However, the extension remains a reported plan, with the proposed October 27 closing date yet to be confirmed in the information provided.
