Dangote Petroleum Refinery and Petrochemicals FZE has extended its initial public offering (IPO) by two weeks to October 27, 2026, to give more investors across Africa time to participate, after subscriptions reportedly exceeded its intended fundraising target by more than three times.
The extension, approved by the Securities and Exchange Commission (SEC), moves the offer’s closing date from October 13, 2026, following strong investor interest and efforts to expand access to the offer across African markets.
Speaking with journalists at the refinery, President of Dangote Group, Aliko Dangote, said the extension was not driven by a need to raise more funds but by the company’s desire to widen participation.
“We have already received subscriptions amounting to more than three or four times” the intended fundraising target, Dangote said, adding that the priority was to give more Africans the opportunity to invest.
He said the company had discussed arrangements with the Nairobi Stock Exchange to facilitate participation and was seeking to replicate similar arrangements with other African exchanges.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with a nominal value of US$0.000013 per share. The offer opened on September 14, 2026.
The company said the additional two weeks would support initiatives to expand access in African markets, including distribution channels and unsponsored depository receipt programmes designed to facilitate cross-border investment.
The extension is also intended to give prospective investors more time to complete account opening, identity verification and other regulatory requirements.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, said the extension would help more investors across Africa participate in the offer and share in the company’s future growth.
The company said it remained encouraged by investor engagement across its target markets and expected the additional period to broaden participation among retail, institutional and cross-border investors.