IPO: Dangote Petroleum Refinery Extends Offer Period by Two Weeks

Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its initial public offering (IPO) by two weeks to October 27, 2026, following strong investor interest and efforts to broaden participation across Africa.

The offer, which opened on September 14, was originally scheduled to close on October 13. The extension was approved by the Securities and Exchange Commission (SEC), according to the company.

The refinery said the additional time would help prospective investors complete account-opening procedures, identity verification and other regulatory requirements needed to participate in the share sale.

The extension is also intended to support efforts to improve access for investors in other African countries through expanded distribution channels and cross-border investment arrangements.

The IPO seeks to raise approximately ₦2.15 trillion, equivalent to about $1.6 billion, through the sale of 4.1 billion ordinary shares at ₦525 each. The offer is aimed at widening public ownership of the refinery, which currently has a refining capacity of 700,000 barrels per day.

The company is targeting up to 10 million retail investors in Nigeria and across the continent as part of its plan to broaden participation in one of Africa’s largest industrial investments.

Proceeds from the share sale are expected to support the refinery’s expansion plans, including its ambition to increase refining capacity and strengthen its position in regional and international petroleum markets.

The offer has attracted significant attention from investors and market operators because of the refinery’s size and its potential impact on Nigeria’s downstream petroleum sector.

However, investors outside Nigeria may face restrictions because the IPO is not registered as a public offering in other countries. Prospective subscribers are therefore expected to comply with applicable regulations and use approved investment platforms.

The SEC has advised investors to obtain information through official channels, verify authorised subscription platforms and avoid transferring funds to unauthorised individuals or entities.

With the new deadline, investors now have until October 27 to complete their applications, subject to the terms and conditions of the approved offer.