The public offer by Dangote Petroleum Refinery and Petrochemicals has reportedly attracted subscriptions exceeding its original fundraising target by more than four times, as the company extends the closing date by two weeks to allow more investors to participate.
President of Dangote Group, Aliko Dangote, disclosed the strong investor interest on Monday, October 12, saying the extension was intended to widen access to the share offer across Africa.
The offer, which opened on September 14, was initially scheduled to close on October 13. However, the Securities and Exchange Commission approved an extension to October 27, 2026.
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Company Seeks Wider African Participation
Aliko Dangote said the decision was not primarily about raising more money but about allowing more people to become shareholders in the refinery.
He explained that discussions with the Nairobi Securities Exchange had helped identify ways to facilitate participation, adding that similar arrangements were being explored with other African exchanges.
According to the offer details, the IPO comprises 4.1 billion ordinary shares priced at ₦525 each, giving the offer a total value of approximately ₦2.15 trillion.
Although multiplying that amount by four would suggest subscriptions of about ₦8.61 trillion, the company has not disclosed the exact amount received or confirmed that the reported fourfold subscription applies to the entire offer.
Extension To Support Investors
The company said the additional two weeks would allow it to expand distribution channels, facilitate cross-border investment and give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the extension would create more opportunities for investors across the continent to participate in the company’s future growth.
The IPO is expected to help finance the expansion of the refinery, which has a processing capacity of 700,000 barrels per day. The offer also represents an effort to broaden African participation in a major industrial asset.
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