Dangote Refinery Extends ₦2.15trn IPO to October 27

Dangote Petroleum Refinery and Petrochemicals has announced an extension of its ₦2.15 trillion initial public offering (IPO) to October 27, 2026, following approval from the Securities and Exchange Commission (SEC). The IPO, which opened on September 14 and was initially set to close on October 13, involves 4.1 billion ordinary shares priced at ₦525 each.

This extension is aimed at accommodating rising investor interest across Africa, allowing more time for prospective investors to complete necessary account openings and identity verifications. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, stated that subscriptions have already surpassed the company's fundraising target, emphasizing the goal of expanding African ownership of the refinery.

He noted that discussions with the Nairobi Securities Exchange have facilitated participation by Kenyan investors, with similar arrangements being explored in other African markets. David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, indicated that the extension would provide more investors across the continent the opportunity to participate in the offer.