The Dangote Petroleum Refinery and Petrochemicals FZE has moved the deadline for its ongoing share sale to October 27, 2026, giving investors across Africa an additional two weeks to participate in the offering.
The initial public offering (IPO), which commenced on September 14, was originally scheduled to close on October 13. The extension received approval from the Securities and Exchange Commission (SEC).
President of Dangote Group, Aliko Dangote, said the decision was driven by the company’s desire to attract more African investors rather than increase the amount it intends to raise.
Speaking in a statement on Monday, he explained that discussions with the Nairobi Stock Exchange had helped identify ways to make the offer more accessible to investors outside Nigeria, with similar arrangements being explored with other African exchanges.
“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,” he said.
Dangote disclosed that investor subscriptions had already surpassed the refinery’s original fundraising target by more than three or four times, making wider ownership a greater priority than additional capital.
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He said, “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,” he said.
The offering consists of 4.1 billion ordinary shares priced at ₦525 each.
The refinery said the extended timeline would allow it to strengthen distribution networks across African markets and introduce unsponsored depository receipt programmes to simplify cross-border investment.
The additional period is also expected to help prospective shareholders complete account registration, identity verification and other regulatory procedures required to participate in the offer.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, welcomed the regulatory approval, describing the extension as an opportunity to bring more investors into the offering.
“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,” he said.
The company added that interest from its target markets remained encouraging and expressed confidence that the extension would attract more individual, institutional and cross-border investors.