Dangote Refinery Gets SEC Approval For IPO Extension

The Securities and Exchange Commission (SEC) has approved an extension of the application period for Dangote Petroleum Refinery and Petrochemicals FZE’s Initial Public Offering (IPO), moving the closing date from October 13 to October 27, 2026.

The offer comprises 4.1 billion ordinary shares priced at N525.00 per share. It opened on September 14, 2026, and was initially scheduled to close on October 13, 2026.

In a notice published on the Nigerian Exchange, Dangote Refinery said the extension followed SEC approval and was intended to support ongoing market-access initiatives across African jurisdictions. These include expanding distribution channels and implementing depositary receipt programmes to enable efficient cross-border investor participation.

The company said the additional time would also give prospective investors more opportunity to complete account-opening, identity verification and other regulatory requirements required for participation in the offer.

Dangote Refinery said it had received “very strong interest” from a broad range of eligible investors across Africa and other jurisdictions since the IPO opened. It said the extension would enable more investors across the continent to participate.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, welcomed the SEC’s approval.

“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer,” he said.

“From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa.”

Under the revised timetable, the application list will now close on October 27, 2026. Collation of returns is scheduled for November 3, 2026, while the Basis of Allotment Proposal and draft Allotment Announcement will be submitted to the SEC on November 10, 2026.

The SEC is expected to issue its “no-objection” to the Basis of Allotment on November 17, 2026. Transfer of net offer proceeds to DPRP and publication of the Allotment Announcement will take place one business day after the Allotment Date, while return of surplus or rejected application monies will occur five business days after allotment.

Credit of CSCS accounts of allottees, listing and commencement of trading are all scheduled for 15 business days after the Allotment Date.

The company noted that the dates are indicative and may be adjusted by the Issuing Houses in consultation with the issuer.