Dangote Petroleum Refinery and Petrochemicals on Monday extended its subscription period for its initial public offering by two weeks, on Monday, October 12, and it is now open until October 27 2026, following approval from the Nigerian Securities and Exchange Commission. The offer, launched on September 14, was initially due to close on October 13.
The transaction covers 4.1 billion shares offered at 525 naira per share, for a base amount of 2,152.5 billion naira. The company is seeking to broaden its shareholder base to finance development of its Lekki refinery, whose nominal capacity is announced at 700,000 barrels per day.
Dangote attributes the extension to strong demand and to the time needed to open additional distribution channels in several African countries. Potential investors also have more time to complete account-opening, identification and compliance procedures.
The extension does not remove regulatory constraints outside Nigeria. The offer is not registered as a public offer in all countries on the continent. Subscribers based elsewhere must therefore use the routes authorised locally and comply with the rules of their jurisdiction.
According to the revised timetable communicated to the market, the collation of results is due on November 3, and the proposed allocation of shares must be submitted to the regulator on November 10. These dates remain indicative and may still be adjusted by the issuing houses in consultation with the company.
The final proceeds of the offering, the number of subscribers and the geographic distribution of shares will only be known after closing and approval of the allocation. The extension is therefore a change to the timetable, not confirmation that the fundraising target has already been met.