IPO: Dangote Refinery breaks Nigerian, African records, announces deadline extension

Dangote Petroleum Refinery and Petrochemicals FZE, DPRP has announced a two-week extension of the application period for its Initial Public Offering, IPO, following approval from the Securities and Exchange Commission, SEC, amid what has become one of the most significant capital market offerings in Nigerian and African history.

The IPO, which comprises 4,100,000,000 ordinary shares of US$0.000013 each at N525.00 per share, opened on Monday, September 14, 2026, and was originally scheduled to close on Tuesday, October 13, 2026. The application period will now remain open until Tuesday, October 27, 2026.

The extension follows exceptionally strong interest from a broad spectrum of eligible investors across Africa and international markets. Since the launch of the offer, investor participation has underscored growing confidence in Dangote Refinery’s long-term growth prospects and its strategic role in transforming Africa’s energy landscape.

Speaking to journalists at the refinery on Monday, President of the 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 would 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 cross-border investments.

It added that the extension would give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements necessary to participate 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.”

The company noted that it remained encouraged by the level of investor engagement across its target markets, adding that the extension would help ensure broader participation by retail, institutional and cross-border investors seeking to be part of the refinery’s next phase of growth.

IPO: Dangote Refinery breaks Nigerian, African records, announces deadline extension