Dangote Petroleum Refinery and Petrochemicals has extended the application period for its initial public offering by two weeks, to October 27, after Nigeria’s Securities and Exchange Commission approved the change. The offer opened on September 14 and had been scheduled to close on October 13, the date flagged in yesterday’s edition.
The company is selling 4.1 billion ordinary shares at 525 naira each, seeking about 2.15 trillion naira, or roughly $1.6 billion, with proceeds potentially reaching $2.1 billion if an over-allotment option is exercised. Proceeds are earmarked for expansion of the Lagos refinery complex. Aliko Dangote told reporters the offer had drawn orders several times the amount sought and that the extension was about widening participation rather than raising more money, though the company has not published subscription figures.
The stated reason for the extra time is distribution. The refinery is targeting up to 10 million retail investors across Nigeria and other African countries, and the additional period is meant to let investors complete account opening and identity checks and to widen channels outside Nigeria. Kenya has cleared a depositary receipt route through the Nairobi Securities Exchange, with up to $300.4 million of the offer set aside for East African investors.
The refinery, with capacity of 700,000 barrels per day, began processing crude in early 2024 and is central to Nigeria’s effort to cut imports of refined products. Broadening its shareholder base would make a strategic national asset partly owned by retail investors across the continent, while the cross-border mechanics, differing securities rules and platform access in each market, remain the practical constraint the extension is trying to solve.