Dangote Refinery Gets SEC’s Approval, Extends IPO To October 27

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has announced a two-week extension of its Initial Public Offering (IPO) following approval from the Securities and Exchange Commission (SEC), amid strong investor interest that has made it one of the most significant capital market offerings in Nigerian and African history.

The IPO, comprising 4.1 billion ordinary shares of $0.000013 each at N525.00 per share, opened on September 14, 2026, and was originally scheduled to close on October 13, 2026. The application period will now remain open until October 27, 2026.

According to the company, the extension followed exceptionally strong interest from a broad spectrum of eligible investors across Africa and other international markets, underscoring growing confidence in the refinery’s long-term growth prospects and its strategic role in transforming Africa’s energy landscape.

In a chat with newsmen at the Refinery, President of Dangote Group, Aliko Dangote, said, “the IPO is going very well. We will extend the closing date because we 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,” he stated.

The company said the additional two-week period will support ongoing market-access initiatives across African jurisdictions, including expanding distribution channels and rolling out unsponsored depository receipt programmes to facilitate seamless cross-border investment.

Speaking on the extension, the managing director and chief executive officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, said, “We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. 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.”

The company noted that it remains highly encouraged by the level of investor engagement across its target markets and believes the extension will ensure broader participation from retail, institutional, and cross-border investors seeking to be part of the refinery’s next phase of growth.

Under the revised timetable, the application list will now close on October 27, 2026, with collation of returns, submission of Basis of Allotment to the SEC, and subsequent allotment, listing and commencement of trading to follow in line with regulatory approvals.