Dangote Refinery extends IPO deadline to October 27

Dangote Petroleum Refinery and Petrochemicals has extended the application period for its initial public offering (IPO) by two weeks to October 27, following regulatory approval, to give prospective investors more time to participate in the share sale.

The company said the Securities and Exchange Commission (SEC) approved the extension of the offer, which opened on September 14 and was originally scheduled to close on October 13. The extension is intended to broaden investor participation across Nigeria and other African countries, with the refinery targeting up to 10 million retail investors through the share sale.

According to the company, the additional two weeks will support efforts to expand distribution channels in other African markets and facilitate cross-border investment. It will also give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements.

The IPO is expected to raise about $1.6 billion, with proceeds potentially increasing to $2.1 billion if the over-allotment option is exercised. The funds are intended to support the expansion of the refinery’s complex in Lagos.

Owned by Aliko Dangote, the refinery has a capacity of 700,000 barrels per day and began processing crude oil in early 2024. It is a key part of Nigeria’s efforts to reduce dependence on imported refined petroleum products and increase domestic refining capacity. The share sale is expected to widen public participation in the ownership of the facility, while providing funding for its expansion plans.

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