Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks to attract more investors from Nigeria and other African countries.

The offer, which was originally scheduled to close on October 13, will now remain open until October 27, 2026, following approval from the Securities and Exchange Commission.

The company said the extension would give prospective investors additional time to complete account opening, identity verification and other regulatory requirements.

It also aims to expand access to the offer across African markets through additional distribution channels and depositary receipt programmes designed to facilitate cross-border investment.

Refinery targets N2.15tn from share sale
The IPO comprises 4.1 billion ordinary shares priced at N525 each, with the company seeking to raise approximately N2.15 trillion, equivalent to about $1.6 billion.

The offer is intended to widen public ownership of the refinery and provide capital for its planned expansion.

The company has outlined plans to increase refining capacity from 700,000 barrels per day to 1.4 million barrels per day, alongside investments in fuel storage, distribution infrastructure and other expansion projects.

The refinery has also set a target of attracting as many as 10 million retail investors across Nigeria and other African markets.

Chief Executive Officer David Bird said the extension would provide more eligible investors with an opportunity to participate in the offer.

African participation faces practical hurdles
The extension comes as the company seeks to broaden participation beyond Nigeria.

Reports have highlighted difficulties facing some investors in other African countries because the IPO is registered as a public offer in Nigeria, while participation elsewhere depends on applicable national regulations and authorised investment channels.

The company is pursuing measures to improve access, including depositary receipt arrangements and expanded distribution networks.

The development has also drawn attention to wider challenges in connecting African capital markets and making cross-border investment easier for individual investors.

Investors urged to use approved channels
The Securities and Exchange Commission has advised prospective investors to obtain information from official sources and use only designated, approved subscription channels.

The regulator has also warned investors against transferring money to unauthorised individuals or platforms claiming to process IPO applications.

The extended deadline gives eligible investors until October 27 to review the offer documents and complete their applications.

The success of the IPO will depend partly on the level of investor participation, the accessibility of subscription channels and confidence in the refinery’s expansion plans.

The share sale represents a major attempt to bring a wider pool of African investors into one of the continent’s largest industrial projects.