Dangote Petroleum Refinery and Petrochemicals FZE has extended its initial public offering (IPO) by two weeks to October 27, following strong investor demand and a push to widen participation across Africa.
The company said the extension was approved by the Securities and Exchange Commission (SEC), moving the offer’s closing date from October 13 to October 27, 2026.
The IPO, which opened on September 14, comprises 4.1 billion ordinary shares priced at ₦525 each, giving investors an opportunity to acquire stakes in the refinery.
Speaking to journalists at the refinery on Tuesday, President of Dangote Group, Aliko Dangote, said subscriptions had already exceeded the amount the company initially intended to raise by three to four times.
“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate,” he said.
Dangote explained that the extension was not driven by a need to raise additional funds but by the company’s desire to give more investors across the continent an opportunity to participate in the offer.
“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,” he said.
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