Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks to October 27, giving prospective investors more time to participate in the share sale following strong demand and efforts to widen access across Africa.
The extension was approved by Nigeria’s Securities and Exchange Commission (SEC), moving the closing date from October 13. The offer opened on September 14 and is expected to become one of Africa’s largest public share sales.
The company is offering 4.1 billion ordinary shares at ₦525 each, targeting approximately $1.6 billion to support the expansion of its 700,000-barrel-per-day refinery in Lagos. The amount could rise to about $2.1 billion if an additional share allocation option is fully exercised.
Aliko Dangote, president of Dangote Group, said the extension was intended to give more Africans an opportunity to own shares in the refinery. He told journalists during a tour of the facility that subscriptions had reached more than three or four times the original fundraising target, although the company had not published detailed subscription figures.
Dangote said discussions with the Nairobi Securities Exchange had identified an arrangement to facilitate participation by investors outside Nigeria. The company is seeking to replicate similar access arrangements through other African markets.
In its notice announcing the extension, the refinery said the additional time would support wider distribution channels and depositary receipt programmes designed to facilitate cross-border participation. It would also allow investors to complete account opening, identity verification and other regulatory requirements.
However, the offering prospectus states that the share sale is not registered as a public offering outside Nigeria. Investors in other countries must therefore comply with applicable local regulations and use eligible channels to access the offer.
The refinery, which began processing crude oil in early 2024, is central to Nigeria’s efforts to reduce reliance on imported refined petroleum products. The proposed expansion aims to double its capacity by 2030, potentially increasing domestic supply and exports.
The IPO also represents a test of how effectively African capital markets can connect retail investors across national borders. Its outcome will help determine the extent to which a major industrial asset can attract broader public ownership while raising funds for further expansion.
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