Dangote Petroleum Refinery has extended its ₦525-per-share public offering by two weeks and has given more investors in Nigeria and across Africa time to participate after subscriptions reportedly exceeded its initial fundraising target by more than threefold.
The company announced on Monday that the Securities and Exchange Commission (SEC) had approved a new closing date of October 27, 2026, replacing the original deadline of October 13. The offer opened on September 14.
The extension is not primarily a response to weak demand. Dangote Group President Aliko Dangote said the company had already attracted subscriptions worth more than three or four times the amount it intended to raise. He explained that the additional time was designed to bring more African investors into the offer rather than increase the fundraising target.
“The IPO is going very well,” Dangote told journalists at the refinery. He said the company was working with other African exchanges to replicate arrangements discussed with the Nairobi Securities Exchange, making it easier for investors outside Nigeria to participate.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each. At that price, the shares represent a gross offer value of ₦2.1525 trillion if fully subscribed. The company’s announcement, however, does not disclose the exact fundraising target, the total value of subscriptions received or the number of investors who have applied.
These figures matter because subscriptions exceeding the target do not necessarily mean every applicant will receive the number of shares requested. The final allocation will depend on the offer terms and the outcome of the subscription process.
Dangote Petroleum Refinery and Petrochemicals FZE said the extension would support efforts to expand access through African markets. The company plans to develop distribution channels and introduce unsponsored depository receipt programmes to facilitate cross-border investment.
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Such arrangements could help investors access the offer through market infrastructure in their own countries, although participation will still depend on applicable regulations and the procedures established by the relevant intermediaries.
The extra 14 days will also give prospective applicants more time to open investment accounts, complete identity verification and satisfy other regulatory requirements. These steps can be significant barriers for investors unfamiliar with Nigeria’s capital market or those applying from other African jurisdictions.
David Bird, the refinery’s managing director and chief executive, said the company wanted as many investors as possible to share in its future growth.
The extension places public participation at the centre of the refinery’s capital-market strategy. Yet the offer’s ultimate significance will depend on more than strong demand. Investors will need clear information about the company’s financial performance, business risks, share allocation and prospects before making decisions.
The revised deadline gives applicants until October 27 to complete their submissions. Prospective African,vestors should consult the official offer documents and authorised issuing channels for the full terms, eligibility requirements and application procedures.
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