Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its Initial Public Offering (IPO) by two weeks, giving more investors across Africa the opportunity to participate in the share sale.
The Securities and Exchange Commission (SEC) approved the extension, moving the closing date from October 13 to October 27, 2026. The offer, which opened on September 14, comprises 4.1 billion ordinary shares priced at ₦525 per share, with a total value of about ₦2.15 trillion.
The company said the extension was prompted by strong investor interest and ongoing efforts to broaden access to the offer across African markets. Dangote Group President, Aliko Dangote, said the decision was not primarily about raising more money, but about allowing more Africans to become shareholders in the refinery.
The IPO is targeting as many as 10 million investors and is expected to be one of Africa’s largest public share offerings. The company is also working on arrangements to make participation easier for investors in countries including Kenya and other African markets.
Meanwhile, the Dangote Refinery has continued to reshape Nigeria’s petroleum market since commencing operations in 2024. With a current capacity of about 700,000 barrels per day, the Lagos-based facility has reduced Nigeria’s reliance on imported refined petroleum products while emerging as a major supplier to both domestic and regional markets.
The refinery’s growing role in the market has also coincided with a significant improvement in its financial performance. In the first nine months of 2026, the company reported a net profit of $4.73 billion, compared with a $117.2 million loss during the same period in the previous year. Revenue more than doubled to $22.48 billion during the period.
The refinery, which cost about $20 billion to build, is planning further expansion, with capacity expected to double by 2029. The IPO is therefore being viewed as an important step in giving investors an opportunity to participate in the next phase of the facility’s growth while deepening African participation in Nigeria’s capital market.