By Ayomide Otitoju
Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its initial public offering (IPO) to October 27, 2026, following approval by the Securities and Exchange Commission (SEC), to accommodate rising investor demand across Africa.
The offer, which opened on September 14, was initially scheduled to close on October 13. It involves 4.1 billion ordinary shares at ₦525 per share, valued at approximately ₦2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said subscriptions had already exceeded the company’s original fundraising target, stressing that the priority was to expand African participation in the refinery’s ownership.
Speaking during a visit by a delegation of Kenyan parliamentarians to the refinery in Lagos, Dangote said investor demand had substantially surpassed the amount the company intended to raise.
“The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate,” he said.
He added that the offer had attracted subscriptions several times above the targeted amount, noting that the company was more concerned about the number of people participating than the funds raised.
Dangote also disclosed that discussions with the Nairobi Securities Exchange had helped the Group identify ways to facilitate wider participation by investors across African markets.
The company said it was exploring measures to make the offer more accessible to investors outside Nigeria, including expanding distribution channels and introducing depositary receipt programmes, subject to applicable regulatory requirements.
The additional two weeks will also allow prospective investors more time to complete account opening, identity verification and other regulatory processes.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the extension would give more investors across Africa an opportunity to participate in the offer and share in the company’s future growth.
The development comes amid growing support for Dangote’s industrial investments in East Africa, including the proposed Dangote East Africa Petroleum Refinery and Petrochemicals project in Lamu, Kenya.
Majority Leader of Kenya’s National Assembly, Kimani Ichung’wah, reaffirmed the support of a parliamentary delegation for the Group’s investments in Kenya and the wider East African region.
Speaking during the delegation’s visit to the Dangote industrial complex in Lagos, Ichung’wah described the Lamu project as an investment with potential economic benefits extending beyond individual political administrations.
“The audacity of the Dangote Group goes beyond looking for profits, but impacting the entire economy of a nation, shaping the destiny of a nation,” he said.
He added that the project could help reshape Kenya’s economic prospects, strengthen regional integration and influence the wider East African oil industry.
The delegation toured the 700,000-barrel-per-day Dangote Petroleum Refinery, Dangote Fertiliser Limited and supporting infrastructure to assess the scale of the Group’s industrial operations in Nigeria.
Ichung’wah said the lawmakers were also visiting to reaffirm their support for Dangote’s investments in Kenya and encourage participation in the refinery’s IPO.
Addressing concerns about the potential impact of a change of government on the Lamu project, he said its economic importance extended beyond the tenure of any administration.
“This is a project that transcends any administration,” he said, adding that its impact could extend beyond Kenya to the wider region.
The delegation included members of the majority and minority leadership of Kenya’s National Assembly, lawmakers representing Turkana and Lamu counties, and members of the Assembly’s Energy Committee.
