Economy
Dangote Refinery Extends IPO by Two Weeks for African Investors
By Adedapo Adesanya
The initial public offering (IPO) of Dangote Petroleum Refinery has been extended by 14 days till October 27 to allow investors from other African countries to participate in the share sale.
The offer, launched about a month ago, was initially scheduled to close on Tuesday, October 13, 2026. The extension is expected to give prospective investors more time to participate in what could become Africa’s largest share sale.
The IPO is targeting up to $2.1 billion to support the expansion of the refinery, owned by Nigerian billionaire Mr Aliko Dangote.
The company is seeking to broaden ownership of its 700,000-barrel-per-day refining complex by offering shares to as many as 10 million retail investors in Nigeria and other African countries.
The extension comes as the refinery seeks to attract a wider pool of investors beyond Nigeria, potentially increasing participation from individuals and institutions across the continent.
The offer was structured to give eligible investors an opportunity to acquire shares in the refinery at N525 per share, with a minimum subscription of 10 shares, amounting to N5,250.
The planned expansion is expected to increase the refinery’s capacity and strengthen its position in the African petroleum products market. The facility, located in the Lekki Free Zone in Lagos, is designed to process crude oil into petrol, diesel, aviation fuel and other refined products.
The IPO also represents a major step in Dangote’s plan to broaden public participation in the business, which has played an increasingly significant role in Nigeria’s domestic fuel supply since commencing operations.
The additional 10 days could widen access to the offer as the company seeks to mobilise capital for its expansion plans and establish a broader shareholder base across African markets.
Business Post reports that the governments of Kenya and Uganda, major governments in the company’s planned $17 billion Lamu refinery, recently allowed their citizens to participate in the IPO.
