Dangote Petroleum Refinery and Petrochemicals FZE has extended application period for its Initial Public Offering by two weeks after securing approval from Securities and Exchange Commission, following unprecedented demand that has broken Nigerian and African records.
The IPO which consists of 4.1 billion ordinary shares of US$0.000013 each at N525 per share opened on September 14, 2026, and was originally scheduled to close on October 13, 2026. It will now remain open until October 27, 2026.
The extension follows exceptionally strong interest from broad spectrum of eligible investors across Africa and other international markets, underscoring growing confidence in refinery long term growth prospects and strategic role in transforming Africa energy landscape.
President of Dangote Group, Aliko Dangote, in a chat with some journalists on Monday, said the IPO is going very well and closing date would be extended to allow more African participation.
He said, โWe 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.โ
Company said additional two-week period will support ongoing market access initiatives across African jurisdictions including expansion of distribution channels and rollout of unsponsored depository receipt programmes designed to facilitate seamless cross border investment.
It will also provide more time for prospective investors to complete account opening procedures, identity verification processes and other regulatory requirements necessary for participation.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE David Bird said company welcomes SEC approval of extension which will give more investors across Africa opportunity to participate.
He said, โFrom the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP future growth. The additional time will help us extend that opportunity to more investors across Africa.โ
Company said it remains highly encouraged by level of investor engagement received across target markets and believes extension will ensure broader participation by retail, institutional and cross border investors seeking to be part of refinery next phase of growth.
