LAGOS — Dangote Petroleum Refinery and Petrochemicals FZE has extended the subscription deadline for its landmark Initial Public Offering (IPO) by two weeks, shifting the official closing date from October 13 to Tuesday, October 27, 2026.
The extension was announced on Monday following regulatory approval from the Securities and Exchange Commission (SEC), in response to overwhelming demand and high subscription volumes across Nigeria and pan-African retail markets.
The public offering—consisting of 4.1 billion ordinary shares priced at N525 per share to raise an estimated $1.6 billion (N2.1 trillion)—originally opened on September 14, 2026, marking the largest initial public share sale in African history.
Speaking on the extension, the President of Dangote Group, Alhaji Aliko Dangote, explained that the decision was taken to accommodate broad-based retail interest across neighboring African nations, allowing cross-border distribution channels and depository receipt programs additional time to complete investor verification and account creation.
Market regulators confirmed that the two-week window will enable retail and institutional investors to complete mandatory Know Your Customer (KYC) documentation and processing through participating banking applications and stockbroking platforms, as capital raised from the offering continues to target expanded refining operations and supply chain distribution across West Africa.
