Dangote refinery extends IPO offer period by two weeks, sets new deadline

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has extended the application period for its Initial Public Offering (IPO) by two weeks following approval from the Securities and Exchange Commission (SEC).

The offer, which was initially scheduled to close on Tuesday, October 13, 2026, will now remain open until Tuesday, October 27, 2026.

The IPO comprises 4.1 billion ordinary shares priced at N525 per share. It opened on Monday, September 14, 2026, in what has emerged as one of the most significant capital market offerings in Nigeria and Africa.

The company said the extension followed strong interest from eligible investors across Africa and international markets.

According to the refinery, the level of participation since the launch of the offer reflects growing investor confidence in its long-term growth prospects and its strategic role in transforming Africa’s energy sector.

In a chat with media men in the Refinery, President of Dangote Group, Aliko Dangote said: The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate. Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation. We are now trying to replicate that arrangement with other African exchanges to ensure wider participation…But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure…So, it is not about the amount of money. It is about the number of people who will have the opportunity to participate in this offer. That means quite a lot to us.”

The company said, the additional two-week period will support ongoing market-access initiatives across African jurisdictions, including the expansion of distribution channels and the rollout of unsponsored depository receipt programmes designed to facilitate seamless cross-border investment.

It will also provide more time for prospective investors to complete account-opening procedures, identity verification processes, and other regulatory requirements necessary for participation in the offer.

Speaking on the extension, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, said: “We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa.”

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